Put Butterfly on SPY on 4/29/2013

SPY,The Trust's Holdings are comprised of the 500 stocks in the S&P 500 Index, which is designed to capture the price performance of a large cross-section of the U.S publicly traded stock market. The main objective of the fund is to replicate the total return of the S&P 500 Index. The SPDR Trust, Series 1 seeks to match the total return of the S&P 500 Index. To accomplish this, the trust utilized a full replication approach. With this strategy, all 500 securities of the S&P 500 Index are owned by the Trust in their approximate market capitalization weight.

Stockwinners.com is bearish on this name for the following reasons:

• With S&P hitting a multi year intraday hi today , It makes sense to buy some puts to protect previous gains and lock in profits.
• The Job numbers coming out this friday can create volatility in the near term.
• The payoff of this trade is really attractive.

Trade: Buy 1 May 160/155/150 Put Butterfly for less than $ 1.00

Trade Buy 1 May $160.00 Put at $1.95 Sell 2 May $155.00 Put at $0.57 Buy 1 May $150.00 Put at $0.19 For a net debit of $1.00 Profit/Loss Analysis Breakeven at $151.00 and $159.00 Maximum profit is $400.00 at strike of $155.00 Maximum loss is ($100.00) at strike of $160.00 Closing Summary Sold 1 May $160.00 Put at $0.00 Bought 2 May $155.00 Put at $0.00 Sold 1 May $150.00 Put at $0.00

Position closed on 5/17/2013 at price of $0.00 with a -100.00% loss in 17 days.

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