You have to RECOGNIZE a profit

Feeling that the GOX has recovered too far and too fast, I covered my sold puts today, taking a $6,030 profit.

This leaves me with 5 Dec 160 Puts, meaning I'm no longer hedged, and will lose my profits if the GOX continues to rise.

Many option traders would buy and sell their hedged positions simaltaneously. That's just not the way I'm wired. My trading models suggest an 8-day bearish indicator, and I feel the index is tired after its run.