Wow, Long and Short. That is what you call, "Having both sides of your hedge trimmed." Even if it is true, it still sounds like message board massage. Stock goes up - Hey listen to me, I'm long. Stock goes down - Hey listen to me, I'm short. If you are net long and you short some stock, you are really just long less. Or, taking profits off the table and keeping the option open to buy the stock back at lower prices. Even if this is your system for trying to dodge the taxman (avoiding long term gains for short term gains - odd at best), your personal situation doesn't change the reality. You are long less. Quit trying to wax poetic about having it both ways.