Buy SPY via selling a backratio with
SPY@124.7 -0.80 for the day
Sell twice as many lower strike puts, for every put bought
Sell 2x SPY Oct 104 puts
Buy 1x SPY Oct 109 puts
This adds a bit of SPY delta, while also getting some downside buffering. The short backratio is an odd duck in that it is delta positive (a bullish bet) but has a max profit if SPY closes at 104 at October expiration. I like this trade when volatility is high.
Long IWM, GLD, TLT, SPY
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