1. Sold ZSL for average 3.7. Small loss.
2. Went long SLV via June calls at SLV 17.81 or so.
3. Short IYR via June Puts at about IYR 51.6.
(I expect IYR to weaken in anticipation of higher interest rates. Technically also, it has been weak.)
Plan
PMs: I expect a 3 wave correction in SLV to 17.5 (Silver 17.8) or a flat to 17.8 (Silver 18.1) or so. Gold should correct to 1140 or so. First, however, Gold should rise to 1160 and Silver to 18.25. I may sell my Silver calls at 18.25 and buy them back at the bottom of the third wave.
SPX: I expect a similar 3-wave correction. PMs has started first, so it will probably end first.
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