Disclaimer
This is for informational purposes only.
Discussion
Trade: Fully allocated 50/50 to the SPY September $440 and October $440 puts.
Rationale: HY CDX isn’t even remotely confirming this move higher, and given it’s clear Powell will not be dovish, running equities right up his ass while break-evens are starting to move is the perfect recipe for an interim blow-off top. LFG.