Closing the December VIX Calls

Before you decide to close the December VIX Calls, it's important to note that they are still a very cheap way to hedge the market over the next month.  Future dated VIX options into Jan and Feb have much higher premiums than the front month of December.  The Dec $15 VIX Calls are trading for .60 cents.  We bought them on 10/22 for $1.65, and we're down $1.05 or 64%.  We are going to close this position, but if your portfolio has a high beta, then this could be a good way to absorb a drop in the market over the next 30 days before expiration.  Whether you keep or close this position really depends on what else you're holding and the exposure you have in the market.