Well, the market seems a bit excited today. The market ordered some of that Viagara over the Internet and the package must have showed up this morning.
CME seems to be moving up significantly. Let's take this opportunity to close out the 170/160 bull put spread. It looks like you could buy back the $170 put and sell the $160 put for a net debit of $.05. If you're clever, you might even be able to do it as a wash.
Once you have successfully rolled out of the bull put spread, you can put on a new June bull put spread as follows:
Sell 15 CME June 185 puts
Buy 15 CME June 175 puts
Net credit of about $.30 ($450)
Or, you could wait for a pullback and possibly get a little more premium. It seems we're due for a pullback of some sort. It can't hurt to close out the bull put spread. It puts us in a good position to take advantage of opportunities that may present themselves over the next four weeks -- and the price is right ($.05).
Good luck and trade smart!