April 17, 2013 Trade Alert - Big Bear Portfolio

We have become positive net delta:

BTC 3 SPY Apr-13 158 calls (SPY130420C158)
STC 3 SPY May-13 158 calls (SPY130518C158) for a credit of $1.26  (selling a calendar)

BTC 1 SPY Apr-13 158 put (SPY130420P158)
STO 1 SPY Apr-13 155.5 put (SPY130420P155.5) for a debit of $1.46  (buying a vertical)

BTC 1 SPY Apr-13 157.5 put (SPY130420P157.5)
STO 1 SPY Apr-13 155.5 put (SPY130420P155.5) for a debit of $1.06  (buying a vertical)

Be prepared to change these price limits by $.05 or more in order to get an execution.
 
Happy trading.
 
Terry