### Comment:
HYG puts are probably a good idea, but the timing of the real biz-bond massacre might be hard to predict.  Some more QT and rate hikes will clearly do HYG in, but will that be by Jan 2019 or mid 2020?

### REPLY:
I think every rate hike will hit HYG hard. We get one this month, and hopefully 2-3 next year.  
  
 Like I said, play 2 months out and roll when Theta begins to hurt or money is made

### END.