Dec 082008
With a big run in the markets today, I’m calling the top 
Obviously I’m happy with the move so far, because I have a covered call on SP Emini, but I think the good times are over, or at least will stall…
I entered a bear vertical on SPY:
Sold DEC 92Call
Bought DEC 94 Call
———–
Credit 1.00
So right now I’m already at max profit, with SPY at 92.00. My goal is for SPY to hold or go lower over the next two weeks, but I do have a “free” 1% cushion, as my breakeven is 93. This is why I love verticals.
