As in Oct 2008, liquidity issues will contain the rise of TLT until after the election. This leaves the SPY short strategy for Oct 3 if the Fed increases rates Sep 21.  Sell SPY shorts 2 weeks later on Friday open/close.

TLT may be a play mid-Nov if SPY falls more than 25% from the high.

The hybrid SPY short / TLT strategy would apply in Jan 2017 if FPC delayed until Dec and SPY falls 10-15% (doesn’t crash more than 20%+).