I have a strategy that basically trades ES futures as well as some equities in multi-day to weekly trades, utilizing both directions throughout the week. My concern is a sudden drastic move in the market (gap up or down intra day or overnight) due to world events or major news. 9-11 as an example as far as catastrophic events and being long at that time. That's only an example, as I simply want to limit my exposure not knowing the future. What I am trying to do is design an options strategy that can basically be put on for a period of time as a blanket protecting from the unknown and at the same time limit my costs, as I know it will cost me for this type of insurance, but I am willing to pay for it as long as my profits eventually overcome these costs obviously. I have looked at protective collars and straddles and I was looking for some opinions. It's not for a ton of money, so lets say 70k is the portfolio. Also I have been thinking about readjusting the options positions as the market drifts to keep the positions in check. Again, all I want to do is have a "protective" band around my portfolio to stop major risk and at the same time, not kill too much of my profits. Some possible scenarios are a partial hedge if the costs are higher than expected. Also, I want to hold these options positions for a week or so to hopefully limit transaction costs of no adjustments are necessary. Any opinions would be greatly appreciated.