How can you ever be 'sure' the market isn't going to rise rapidly? The idea of the collar is to prevent a disaster - which you also cannot be certain is not imminent. In my view, I don't see why the vast majority would want to take the risk of an open-ended loss? Mark
my point was that if you want to buy a protective put, cough up the cash but in a market like this one, I would not go against the momentum by severely capping my upside thats all.