Disclaimer
This is for informational purposes only.
Discussion
As discussed just a bit ago, we’re in the realm of a local top. Sentiment is a big problem up here, VOL is down, so I want to take a stab at the SPY October $400 puts around $2.70. If any of this soft landing sentiment starts to unwind (see Economics “Team” post below) these puts will double in 2-3 trading days, easily. I don’t have a price stop loss on them, as my stop loss is an assessment of broad market structure. I will be quick to exit if I see signs the market is going to run away to the upside from here. But sentiment is such that I do not believe it will.