HYG $75 weekly puts (5 DTE) are 10 cents. The puts all the way up are cheap too, if today is a bull trap. Looking at how badly governemnt bonds and energy are performing today for stocks (bonds down, energy up), that seems possible. The only analog for the current situation is the 2008 financial crisis, and HYG is more oversold now than it was then. That does mean a low could be here or that the capitulation low is still ahead.

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