Sell TBT via covering short Jun 33 puts, TBT @32.8. The short strangle blew up as TLT went on a strong trending bull rally (TBT is the inverse of TLT). I take a 180% loss on the value of the sold options. I remain short two TLT puts on the other side of the strangle and that would offset this loss, if they both expire worthless.
Long EEM, GDX, GLD, IWM, SPY, TLT
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