Buy SPY (sell puts)

Buy SPY via selling Oct 89 puts SPY@120.9
The rally has decreased my overall SPY delta. I sell some way out puts to add some delta back in. VIX is lower than it was, but there is still decent premium on puts that are 31 points out. Even though I think lower lows are likely, I see a 25% decline by October expiration as unlikely. By the time I get the fill, and type this entry up SPY is another .8 lower to 120.1, I hate it when that happens.

Long GLD, PFF, SPY, TLT