Short Defensives We are shorting defensives and the SMI is the proxy for defensives 1- Short SMI for 8600 2- Short XLU for 51 3- short XLP for 53.8 You Might Also Like we take profit on our nasdaq convexity June 28, 2018 grab Grub May 30, 2018 Buy gamma on Nasdaq100 with a 2% net delta short August 6, 2018