GAVE UP ON BREAKEVEN OUT @.20 CREDIT

*****UPDATE***** 7/6/12

LETS SET OUR SELL TO CLOSE AT BREAKEVEN, MY BREAKEVEN IS AT .29

A FURTHER SELL OFF WILL ALLOW US OUT AT BREAKEVEN.

WILL LOWER PRICE TO CLOSE, IF THE FIRST HOUR OF TRADING DOESNT PRODUCE MORE DOWNSIDE.

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NO MORE THAN 5% OF ACCOUNT!

THIS IS A VERY REASONABLE PLAY, WHERE THE SPY HAS RAN TOO FAR! WE SHOULD RETRACE AT LEAST PAST THE 134 LEVEL BY THE END OF NEXT WEEK.

HERE IS THE PLAY

Order Details

Leg Action Contracts Option Description Price Duration
Leg 1 Buy to Open 20 SPY Put SPY Jul 06 2012 135.00 Put Debit 0.29 Day Order
Leg 2 Sell to Open 20 SPY Put SPY Jul 06 2012 134.00 Put
Est. Trade Value: $580.00
Est. Commission: $14.95
Estimated Fee: $1.08
Funds required for this trade: $596.03

Quote SPY   135.53   2.74 Bid 135.53 Ask 135.54 Volume 116,592,166
SPY JUL 06 2012 135.00 PUT
SPY JUL 06 2012 134.00 PUT
Bid 0.82 0.53
Ask 0.83 0.54
Last 0.81 0.53
Change -1.83 [-69.32%] -1.37 [-72.11%]
Volume 35,704 63,394
Delta -0.68 -0.60
Open Int 373 942
Desc SPY Jul 06 2012 135.00 Put SPY Jul 06 2012 134.00 Put
Net Quote
Bid
0.28debit
Mid
0.29debit
Ask (natural)
0.30debit

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