The S&P 500 hit all-time highs last week and the strategy indexes moved up as well. As is typical when the S&P 500 had a strong week, the strategy indexes did underperform a little and continue to lag the total return for the S&P 500 in 2014.
For a bit of perspective on why the strategy indexes underperformed a bit I double checked what July put and calls are currently short according to their respective strategies. PUT is short the SPX Jul 1960 Put – BXM is short the SPX Jul 1965 Call and BXY is short the SPX Jul 2005 Call. Since BXY is short a call options is still out of the money BXY performed in line with the strong performance from the S&P 500 last week.