NaughtyPines

TLT 1 SD LINES FOR AUG 28 OPTIONS EXPIRY (7/12/15)

AMEX:TLT   ISHARES 20+ YEAR TREASURY BOND E
With the IVR             in TLT             remaining relatively high (82; 6-month Dough), I'll be looking at TLT             for a play this week (Aug 28 expiry). The current 1 SD             lines are at about 123 on the call side; 109.50 on the put side, and it's ripe for a potentially productive short strangle (109.5/123 short strangle; Aug 28 expiry; 1.44 credit; BE's at 108.06 and 124.44).

The natural alternative to the BP             intensive short strangle is an IC             . A 108/112/123/127 IC             , Aug 28 expiry currently will get you a 1.22 credit (BE's at 110.78 and 124.22). Unfortunately, there are no put strikes currently available below 108, so the puts have to be slightly skewed to the upside ... .

As of right now, I regard this as a neutral play in the short term. However, if we move more into a risk-off environment, it will quickly turn to the downside ... .
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