Buy SPY (sell backratio)

Sell SPY backratio SPY@136.0
Buy Jun 128 puts
Sell 2x Jun 123 puts

This backratio is net bullish (delta positive) with a max profit at the lower strike of 123, sold for a net credit. I like selling backratios when volatility is up. A decline to 123 at June expiration is the best case scenario. A crash below SPY 118 means losses. If the stock market goes up or is neutral, I get to keep the small credit.

Long BRKB, LGF, TLT
Net long GLD, IWM, SPY