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A hedging opportunity between FAS and FAZ

Given the current sentiment about the financial markets, I'm a bit more in favor of FAZ. That said, I would buy FAS at the current level of 7.75 and write May strike 6 for 8.45 giving me an intrinsic time value of .70/contract, while buying FAZ at 9.30 and writing May strike 12.5 for 1.45/contract. This combo will provide you the best intrinsic time value and best hedging technique as far as the the May calls are concerned.

Writing the May puts are not as juicy as the calls. At least not for the month of May