September 18, 2013 Trade Alert #2 - Big Bear Portfolio

We need to get longer and also get out of in-the-money short calls because of this week’s dividend:

BTC 1 SPY Sep-13 171 call (SPY130921C171)
STC 1 SPY Oct-13 170 call (SPY131019C170) for a credit of $1.57  (selling a diagonal) 

BTC 1 SPY Sep-13 165 put (SPY130921P165) for $.03 (no commission)

STC 1 SPY Oct-13 165 put (SPY131019P165) for $.59

BTO 1 SPY Nov-13 171 put (SPY131116P171)
STO 1 SPY Oct-13 171 put (SPY131019P171) for a debit of $1.07  (buying a calendar)  

BTO1 SPY Nov-13 169 put (SPY131116P169)
STO 1 SPY Oct-13 169 put (SPY131019P169) for a debit of $.98  (buying a calendar)  

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