Disclaimer
This is for informational purposes only.
Discussion
Trade: Closed all puts and went to cash.
Rationale: Today is too bullish beneath the surface to sit in puts ahead of PCE tomorrow: VOL is getting crunched, HY CDX is down, and defensive sectors are lagging. I do not believe for a second there is much squeeze left from here, but I need to be nimble with puts, and don’t want to sit through another 1-2% higher from here.