When I believe a stock's price will go up or down, whether based on some TA or other trade idea -- I get frustrated when the moves of the overall market are a much bigger factor in determining the stock's price than anything else. I sometimes feel I might as well be trading index futures rather than stocks. So, I've started trying to cancel out the market risk. If I'm long a stock, I'll sell some SSO (double-long ETF) to offset according to it's Beta or vice versa. Do any of you do this regularly? Do you run a regression to get a more accurate cross-hedge Beta? The downside is it's more commissions but I like how it smooths out my P&L a bit.