Taking Off Some Insurance - Part 2

As discussed in  yesterday's post CCI is taking profits on portfolio insurance positions.

Today CCI rolled the option position in the S&P 500 (SPY) from May to June. Specifically;

•  closed the May $136-$130 put spread.  Paid $1.1/contract. Sold for $2.65/contract!
•  used the gains of this trade to re-purchase insurance via the June $133- $128 put spread for $1.61/contract. 

Insurance is starting to get more expensive to buy as implied volatility increases (i.e vix over 22 ).
If the market continues its current downward path, this might be the last time CCI buys insurance in the option market for awhile.