Let's start the year off right -- one day ahead of time. We're going to wade into the February cycle -- even though we'll have to wait seven weeks. It should be worth it.
With the SPX at 1472, let's:
Sell 20 February SPX 1300 puts - SXYNT
Buy 20 February SPX 1290 puts - SZPNR
Credit of about $.60 ($1,200)
We have a 172 point cushion. I like that. Maintenance is $20,000. Potential profit is $1,200. We'll watch for the bear call spread to complete our Iron Condor -- If it makes sense.
Good luck and trade smart - and stay reasonably sober.
Have a safe and healthy New Year. We're going to kick ass in 2008!!