S&P 500 rebounds over 17% as VIX stays in high teens, making hedges cheaper

The S&P 500 has rebounded more than 17% from its March low, while the VIX remains in the high teens, a backdrop that has reduced the price of put-option protection. The piece argues that with implied volatility lower, investors can use short-dated, 30-delta puts to help protect recent gains, including an example of June 26 weekly SPY $730 strike puts priced around $7.40 (~1%).