SPDR S&P 500 (SPY)

[Neutral Man]

Fox-man, actually i'll have BOTH strategies going at once?

Lock in .72 on the Aug47 and Aug48 calls already. If I sell the Aug50 put for 2.00 or more I lock in .28 with buying the Aug49 puts at .72.

This is a total of .72 and .28 or 1.00, virtually guaranteeing that I lose ZERO on those Aug47 calls!

But wait there's more, if the Q's close between 48 and 49 I make 1.00, but if they close above 49 I make the 1.00 plus the additional based on what I have to buy back the Aug50 puts for?

Now dat be what I'm talking bout )!

Good trades!
nm