Genuine lack of confidence that the Congress would deal fairly with the White House as the fiscal cliff approaches. Boehner today, after I traded, made some noise about softening, but he was originally Obama's golfing buddy early in the last term. McConnell is the troublemaker, and Norquist can't be voted out of office as chief lobbyist on K street, so Boehner can play rope-a-dope and make Democrats think they're going to get the carrot, right up until the cliff has passed beneath our feet. I don't mind losing what's left of the long-call side of this position, but I didn't like the idea of a deep abyss below the short puts. A flash-crash to the mid 20s would have made me cry real tears.