Kevin Kelly's SPDR S&P 500 ETF Trust Trade

Speaking on

, Kevin Kelly of Recon Capital Partners suggested a bearish options strategy in

. He wants to buy the June 205/190 put spread for $3.46 to hedge his portfolio against a possible move lower. The trade breaks even at $201.54 and it can maximally make $11.54 if the ETF drops to $190. Kelly picked June expiration because he some events that could have impact on the market are going to happen then. He named political conventions and the Fed meeting as events that could have the most impact on the markets.