on 5/24 I hedged up my long bond position. I am lifting that hedge this morning.
Buying August /ZBU 145 Calls expiring in July and covering the additional 145/147 call spread TLT equivalent is 122 and 122/124 call spread
see below trade Notice from 5/25 for What I am unwinding
I am taking this rally on bonds to do two trades. 1. sell a ZBU august call expiring in July at 145 strikes. TLT equivalent is 122. This turns trade done on May 11 into a call spread from a naked long call2. In addition, I am collecting a 1/2 point premium by selling a ZBU 145/147 call spread. for the same expiration. 122/124 rough TLT equivalent