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VIX is below 14, which is getting very complacent. In the past these have been prescient times to take a short position via a long put. Let’s hedge it further by selling some short term options against it to create a spread.


Buy to open SPY June 209 puts (expire 6/10/16)

Sell to open SPY May 207.50 puts (expire 5/27/16) 

1.50 net debit