This is not looking good. The spread between the 90 day volatility
and the standard "fear gauge", the 30-days VIX
continues to grow. The growing spread means there is elevated put option buying in July August, September SPX
cycles. While at the same time there isn't any fear near term. I am contemplating an SPY
put purchase. Perhaps I will buy a full position over several days , up to a week.
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