Bond fear hit a peak last week, and high option prices are what this week's trade sells: an iron condor on TLT, the long US government bond fund.

Two days of waiting cost real money. The credit fell from 1.05 to 0.90 as the fear came out of the options, 10 percent of the maximum loss gone before the trade starts.

And the strikes: a strike close to the share price goes in the money faster, and a call in the money can be assigned early when a dividend is coming. TLT pays one every month. Wider strikes mean a little less return, higher odds, more room, more time.

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Education only. Nothing here is investment advice. Options carry risk, including the loss of the whole stake.