Unprofitable:  I lose money on this trade if SPY closes under $129.10 or above $132.90 June 5, 2012.  The most I can lose on this trade is the amount the Spread can be worth $3 minus the price I sold it for $1.00 for a total of $3.00.

Reason I Like This Trade:  I like this trade, because I am selling today’s rally in the stock market, but I am not buying premium.  I make money of the stock market comes back to reality and sells back to the 1300 level.  If it rallies higher, I defined my risk vs reward and will move to the next trade.

UPDATE 6.13.2012  This Spread looked much better this morning, but it is currently worth $1.10.  Since it is not a LONG premium position, I will leave it on for more future potential profits.

UPDATE 6.27.2012  With time against me, I took this Spread off at $.87 and moving to the next trade.  I saw the stock market finding buyers at the $131 level, so I knew it was time to move on

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