I was (and still am) disgustingly short the market, so I went long intraday on SINA. Think that while I sucked wind on my swing short positions, I might as well go long on SINA and "ease some pain." I must have the worst luck possible, the hedge went terribly wrong.
SPY barely changed while SINA plunged 4.5% since my entry around noon time. This is beyond funny!
In other words, not only does hedging reduce my potential profits when things go as planned, but when things go wrong I would be double-whammied like what just happened today!