Bought to open SPY vertical $199/$183.50 put spread
Bought 17 contracts of SPY 7/20 expiration $199 strike puts at $2.50 and sold 17 contracts of SPY 7/20 $183.50 strike puts for $0.59. Total cost including commission is $3,288.40, or $1.934/share.
I am looking for some more short protection after the precipitous market fall today. The Brexit vote has brought forward a lot of fears about a recession that is likely to hit the UK, and could from there spread to Europe and eventually infect the rest of the world. The fear of a major market correction would not be so significant, were not the market already a bit heavy. I feel that the 3 weeks of protection offered, should be sufficient. After this, the full scope of the calamity should be in view.