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On this very quiet weekend, I thought I’d check in on the three ETFs against which I own June 2018 puts. As is obvious, these are puts with a deliberately large amount of time left on them (nearly 200 days), which gives them at least some opportunity to work out. Recent market action hasn’t been terribly encouraging, but they’re all three still in the money, and like I say, there’s lots of time left.
The first one is the financials, which has one of the cleanest analogs I’ve ever seen in my life.
Given its insane movements, who knows where $BTC will be by the time you read this, but as I’m typing this on Saturday evening, the cryptocurrency has lost a full 25% of its value in the span of just a few days. I remain slack-jawed they are rolling out derivative trading instruments on this thing. I mean, look, I don’t have a dog in this fight, but what if $17,300 was the peak, and this thing just craps itself back down to $1,000? The hype will vanish.