Hell, the only thing I had CONQUERED by 10pm Friday night was a six pack, so excuse my spelling.
My idea of hedging is to protect the extreme upside and downside. I am long nab, cba and wbc, and short sgb. If there was a crash or bank sector specific problems, sgb profits would protect me somewhat from nab cba wbc losses. I prefer to leg into straddles but its not always possible.