Everything is awesome - time for some protection?

We have seen most things melt up lately and sentiment is getting rather extreme again. The GME VaR shock is gone and risk on is the name of the game again (yes markets surged for a long time after LTCM, but that event was different as they were too big to fail...).

We are not calling an imminent top about to happen right here, but looking at some protection is starting to make sense. One of our mantras is to "not chase protection when you must, but when you can".