Disclaimer
For informational purposes only.
Discussion
Trade 1: Sold everything and went to cash.
Trade 2: Built up a nearly full position in October SPY $441 puts.
Rationale 1: Defensives underperformance suggested the market needed to move higher.
Rationale 2: HY CDX started negatively diverging, and defensive sector underperformance suggested rates were likely to move higher tomorrow. In short, I faded myself.