Market Summary
The August 12th Couch mentioned "... August options expire this upcoming Friday – unless prices pull back we will probably have to adjust the call spread as the SPY is consolidating right at the $141 short strike...." As confirmed in the chart below the SPY is stuck near resistance right at our short strike and we should have an opportunity to exit the position basically at break even.

SPY Position Update
SPY closed at $140.95 on Wednesday – the July call spread is approx. $300 in the black

The August 1st Couch Potato published an August expiration month SPY bear call spread
We plan on closing out this position tomorrow for an approx. $300 gain (see tables below)

Exit Plan
As mentioned above, the S&P 500 index is consolidating at near term resistance and there is definitely more of a risk of the SPY going higher (versus dropping further). It is usually smart to honor the trading plan and we should take advantage of opportunity to avoid potential losses. Unless stock prices gap substantially lower tomorrow we plan on closing out the SPY $141 short call contracts in the morning (we might have difficulty selling the $145 long call).

Gregory Clay

Couch Potato Trader Disclaimer
All results reported in this section are hypothetical. While the numbers represented here may have been achieved or beaten by our readers, we make no representation that any individual investor achieved these exact results. The tracking for the plays listed in this section uses closing prices for the day the newsletter is published and it is not meant to imply that any reader actually received those prices (though many often do) or participated in these recommendations (even though many do). The portfolio represented here is hypothetical and for investment education purposes only. It is only an illustration of what type of gains a knowledgeable trader might receive utilizing these strategies. If you don't get close to these results, guess what. It isn't the fault of the strategies.