Strong Sell TLT by Sep 2, 2026.

Using a TLT call credit spread for income because I can’t refinance at these long rates. I don’t need yields to rise. I need them not to fall \~100bp. TLT is $81.87. Duration is \~15, so 100bp lower on the long end is roughly TLT into the mid-90s. That’s about the move that would make a refi real for me. Until then I’m stuck with the mortgage, so I’m getting paid to wait. Trade (from the Nov chain today) • …