Current Holdings

I am short a June AAPL 240 put, sold at $2.10.  Short a June 110 SPY call, sold at $2.16.  Short a June GLD 118 put, sold at $1.45.  I am hoping that this range bound market stays range bound for the next two weeks with S&P 500 trading between 1106 and 1040.

If the S&P closes below 1077 again, then I think we have officially entered a bear market.

This is the first recession caused by credit in the post WWII era. Credit must come down.

My view of what's happened in the last year is that private credit has come down, but has simply been replaced by public (deficit) credit.  These must come down in aggregate, it's going to be a painful process.

Despite this bearish outlook I still like AAPL at a price.  I'm fine with owning AAPL at $240 going into earnings.  And if not collecting enough premium to move my portfolio up by 1%.