Sell TBT via covering short May 34 puts, TBT @33.4. The bleeding continues, as this is my third big loss for this cycle. This one is 200% on value of the option. I remain short TBT Jun 33 puts and they are deep in the red. The other half of the trade, short TLT puts are green, but have not made up for the losses. This is the risk of selling strangles, that a large directional move breaks the trading range.
Long EEM, GDX, GLD, IWM, SPY
TBT/TLT = short strangle on TLT
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