Buy SPY (sell puts)

Buy SPY via selling Jul 88 puts SPY@108.5. This makes my July position equivalent to bracketing SPY at 88 and 118. Buying at 88, shorting at 118. The SPY 118 position is via short SDS Jul 30 puts. With these short strangle equivalents, I am betting that stocks and bonds are in for some range trade.

Long BRKB, GLD, SDS, SPY, TBT, TLT
SDS/SPY = short strangle on SPY
TBT/TLT = short strangle on TLT