12:28 PM EST
I’m taking a defensive position as I believe a substantial pullback is highly possible here.
To protect my gains and hedge my UYG, UYM and URE positions I am BUYING SPY May 86 PUTS @ 7.45 and a Delta of .69 here.
Whether it develops or not, the puts are a good idea. If the market moves higher the puts will lose deltas and still make me a profit. If the market pulls back the puts will increase deltas protecting my portfolio.
More details in tonight’s Review video…