Disclaimer
This is for informational purposes only.
Discussion
Trade: Reduced half of SPY October $400 put position.
Rationale: We’re so close to a pullback here, but I’m trying to manage the October put position so not to get blown out along the way to the peak. I don’t like how the market is acting this morning for shorts, where HY CDX reversed its pre-market gain, defensives are reasonably weak, VVIX has sold off, and the Fed appears to be floating cuts starting next March.
Probably a bit more upside into OPEX. We’ll see. Just trying to risk manage the position.