The market is pulling back a bit today. And it has sold off from under the 2,940 level.
I am going to suggest a trade on the overall market, using the SPY.
I am going to suggest an uneven straddle.
As I write this, the SPY is trading for around 291.
My suggestion today is this.
Buy (2) May 29th 291 puts for $5.70
Buy (1) May 29th 292 call for $5.50
The structure puts a bias to the downside. And based on the trade as suggested, the overall risk is 1.7% of the nominal portfolio.
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