Market Summary
Comments from the Feds most recent meeting minutes spooked the market and stocks reacted with the largest daily decline in three months. Wednesday's slide marked a rare return of nervousness to the stock market after the major indexes solid march higher this year. The CBOE Volatility index, or the VIX, a measure of investor fear, jumped 19.3 percent - the biggest daily gain for the VIX since November 2011. Now appears the be an opportune time exit our SPY February 22nd expiration credit spread(s)

SPY Position Update -----------------------------------------------------------------
SPY closed at $152.34 on Wednesday

The February 6th Couch Potato published a trade adjustment closing out of a February expiration SPY bear call spread and opening a February 22nd expiration put spread
We plan on closing out this position for an approx. $800 gain tomorrow (see tables below)
You can just buy back the $147 short put contracts to close the position if you have difficulty selling the $144 long puts as part of a spread trade.

Exit Plan
As mentioned above, the February 22nd expiration SPY contracts expire this Friday. Today's price action should be considered a signal to exit SPY ETF put and call spread contracts that expire this week as it is not worth the risk to maintain these positions into expiration.

Happy Trading

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.