Thanks for the replies. I will look into trading spreads, but for now I'm leaning towards shorting the index to make my portfolio beta neutral. Given this, what would be a good instrument to short? I'm thinking of shorting either the SPY ETF or S&P500 futures. Which would be more efficient...
I am long a few stocks, and want to be beta neutral to the S&P500 since I don't have any view on the market in general.
I have an ETrade account, and it looks like shorting the SPY index will be expensive since ETrade will charge approx 5% interest on the margin. Similarly I could short other...