The market continues to hit new highs, but don't you really feel it's a bit fake?


I opened a bearish $SPYon position on TermMax Alpha, with a strike price of $680, expiring on 6/19.
The structure is very clean:
— Pay a fixed option premium, with a known risk cap
— $SPYon drops below $680 → full profit
— If it doesn't drop → the maximum loss is just the premium
— No forced liquidation mechanism, so you won't be squeezed out
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