Disclaimer
This is for informational purposes only.
Discussion
Trade: Sold half of the September and October SPY puts.
Rationale: HY CDX is puking a bit here into EOD, and I’m very cognizant of the fact Powell is on deck next week. This market isn’t going to go down without a fight, so I want to be nimble.
Plus, it bothers me VVIX isn’t reacting more to today’s risk-off action beneath the surface. Topping process is clearly underway, but it’s going to take some time.