take the long on SPY. JNK and other high yield assets are continuing their bleed, which could mean that any type of positive reaction here will result in a dead cat bounce.
Take the SPY long, and then look for a put to offset any downside risk.
Take the SPY long, and then look for a put to offset any downside risk.
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short market, long vol
cover out long. get short (or long an inverse ETP or put)