### Comment:
Not sure if you're being sarcastic but yes, or not necessarily letting them expire but maybe buying back onto a position that will be profitable in a big drop downward. Similar to rampant last second buying of credit default swaps in 07/08 once banks realized they needed to secure a net positive position against their very bad CDOs

### REPLY:
Nope, no sarcasm, but I can see how it read like I was being sarcastic. My bad! 
  
  They are ultimately the ones who move the market, so they don't want to be in any losing positions. Do you think the SPY run-up to 290 was the ultimate last-attempt to get out of major long positions?

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