Being a retail guy who does most of his stuff with options, about half my risk rolled off last week. I'm not going to be in a hurry to replace it

I fade stuff and for the last six months that has meant buying pretty much every dip

However, we're now at a point where that isn't making sense any more. Risks are now balanced in most stuff and if the risk on frenzy continues, it's soon going to make sense to go short

That is of course a harder trade, but given my bearish outlook, I'll feel a lot more comfortable

Furthermore, given that vol has fallen in most places, it'll involve buying, not selling vol. Of course it will piss away a lot of theta but limited downside isn't a bad place to be

I still have some short vol trades in stock indices because VIX is likely still too high. I also own some calls because melt up but only ever seem to lose money on those

Outside stocks, there isn't a great deal left. Outside sterling, FX vol is heading back to the lows of a year ago so am buying smalls € downside

I still am long gold through short puts but no longer adding to that. Probably 100% correlation w stocks

And that is it. Next, I'd like to build AUD and CAD shorts but not started yet. In real money space I have sold most of my stocks and own a lot of gilts. All in £ of course

A Brexit deal and a trip to 1.5 would be a great place to sell but given No Deal is more likely, I can't get everything