SPY Backratio

Sell SPY Aug 140 puts x2

Buy SPY Aug 145 puts x1 SPY@160.7

I add some bullish exposure with a third short put backratio. The way I like to do them is for a net credit, delta positive, theta positive. While it is a net long position, there is a big profit on a decline to the 140 to 145 area.The stock market appears to be rolling over. 

These backratios profit on a modest decline, but there is the chance for huge losses if the market crashes.

I continue to avoid bonds TLT and gold GLD. I am not nimble enough to catch the small moves, and the risk reward still isn't compelling for selling option premium.

Long APC BA BRKB HOT IWM KORS LGF NTAP PG SBUX

Net long SPY