Buy SPY via selling Jul 120 puts, SPY @134.3. I leg out of the long end of my SPY Jul vertical put spread, selling the Jul 120 puts. I remain short Jul 115 puts. I take a large loss on this leg of the vertical, but it has served its purpose as a hedge for many other short put positions.
Long EEM, GDX, GLD, IWM, SPY
TBT/TLT = short strangle on TLT
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