Quick breakdown of the Spy Call spread we just did, profit of $4,040. <br /> <br /> Purchased Dec 17th call spread, bought 25 $124 contracts for $10,500, sold 25 $126 contracts for $7,650==Net Debit of $2850. <br /> <br /> Market tanked, and we bought back our $126 calls we sold, (5 @ .40, 5 @.46, 5 @ .41, and 10 @ .75) total cost of $1,385. <br /> <br /> Now we have $4,235 in the play. <br /> <br /> The market rebounded last week, and we then bought 10 weekly puts for protection of our current profits for $890. <br /> <br /> Now we have $5,125. <br /> <br /> Closed out all of our $124 calls today, for a total of $9,165. <br /> <br /> thus, we have a cost basis of $5,125, sold for $9,165===Profit of $4,040.