Buy SPY via selling Jun 75 puts (16 points out). This looks like massive short covering after a strong consumer confidence reading. It certainly isn't the best entry point on the long side, however, there looks to be a lot of support for SPY in between 91 and my strike price. I believe there are a lot of folks still on the sidelines with cash waiting for a slight pullback to buy. SPY 75 is a 20% pullback from current levels.
TLT continues lower, and I continue to watch.
Positions: long MON, SPY
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