If you don't exercise your calls at expiration, and in the money, you received the underlying stocks? Strange. Is that what you just told me? <br /> <br /> Regarding the mention of credit, the last 4 months data confirms consumers are borrowing at a huge rate, something not seen for the last 5 years. I didn't get a chance to get a breakdown. I do know credit card charges are a part of it. As for banks lending, yes they are revamping their old habits. the breakout of the 10 year note allowed enough spread for banks to be profitable on lending. Wages are dead in the waters. Home prices are not moving up anymore. Mortgage rates are starting to cause a slowdown in sales. Refis were manly done over the last 5 years. The past 4 months of market action corresponds to personal borrowing increases. This is not sustainable given the fact that individuals are borrowing from an already high level of debt. <br /> <br /> I am convinced that without relief to free up cash, such as wage increases, refinancing, home value increases, there will not be a sustained retail environment. Companies have squeezed out productivity to the max, as well as enjoying a low cost environment. They can only go down from here. Gross margins are very unlikely to improve from here. If companies refuse to share the profits with their workers this 5 year cycle will experience a bear market. The Obama care situation only adds to the companies reluctance to increase wages. <br /> <br /> Having said all that I still see a new high develop in the next 2 months or so. Current drop seems milder than I expected. If we do not retrace to 1790 - 1805 SPX range than we should already be on the last leg up.