I unwind two legs of the SPY Sep backratio with SPY@116.6
I sell the long SPY Sep 110 puts, cover 1/2 the short the Sep 105 puts. Making this move adds to my SPY bullish delta. I am still short 1/2 the Sep 105 puts with no protection for Sep. Stock market rallies steadily from the opening smash down low.
Long GLD, PFF, SPY, TLT
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