I am taking this rally on bonds to do two trades.
1. sell a ZBU august call expiring in July at 145 strike. TLT equivalent is 122. This turns trade done on may 11 into a call spread from a naked long call
2. 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