Coach, Inc. (COH) closed up over $1.80 at $37.05 on what appears to be peer news from Ann Taylor. The news was that AnnTaylor Stores Corp.'s first quarter profit will exceed its previous forecast because of stronger results at its Loft apparel chain as well as better expense and inventory control. Both moved up on an emerging marketing concept that focuses on the budget minded consumer and suburban baby boomer. Anyway COH popped up and I what to sell the 40 Calls as a hedge. The calls closed at about $0.55/contract. If the market does sell off, investors may choose to take profits from companies like Coach. Especially since the stock didn't move on its own news, just hype.