I add more layers to my SPY position. I buy a Jul 120/115 vertical put spread (a bearish bet), and I sell short May 117 puts (bullish bet). SPY @133.0 to 133.1 when these trades are legged into. It is net debit for the three new positions, slightly delta positive SPY, close to theta (time decay) neutral to May. Adding these layers doesn't change my net position of being long SPY, but does give me some measure of SPY downside protection out to July.
Long EEM, GDX, GLD, IWM, SPY, TBT/TLT
TBT/TLT = short strangle on TLT
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