Buy TBT via selling May 34 puts, TBT @36.7. I open a May position on this double-inverse bond ETF. I am already short TBT Apr 34 puts, and TLT May 86 puts. This makes for a short strangle on TLT, or a bet that bonds will stay in a range.
Long EEM, GDX, GLD, IWM, SPY, TBT/TLT
TBT/TLT = short strangle on TLT
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