Short SPY (@ 112.2) via a vertical put spread May 104/96. SPY near resistance. While SPY may well float higher, premiums are low on this calm morning. I figure the odds are good for a mood change back to bearish before May expiration.
bot SPY May 104 put
sld SPY May 96 put
Why those strikes? The 104 strike has a 50% chance of being touched before May expiration. Eight points wide is a good balance of risk/reward. Selling the 96 put reduces the cost and the time decay of just buying the put by a good 30%, yet still gives the overall position explosion potential if the market melts down.
Long GLD, TLT
net short SPY
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