Just wanted to post the finding of my latest stock test. When the market is going down and you hedged, the hedge rarely helps you enough to account for its weight on the way up. So, I found that the S&P beats most hedging ideas I had, but simply entering and exiting the S&P at the proper time may help.
Here are the trades from the entire 5 week test, click the thumbnail to view. The S&P 500 gained 5.48% while the hedged account gained 4.09%.