Have I Got This Right?

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Enough pretending. Enough illusions that I have any idea what I’m doing. Enough misguided notions that I’m smart. I need your help.

I just did my first spread trade. On a scale of 1 (total ignorance) to 10 (some of the people here) I’m probably a 1.5. But I wanted to take advantage of my belief that XLU wasn’t going to go much higher. So I did this:

  1. I sold short 34 contracts of the $65 December Call for $1.29;
  2. I bought 34 contracts of the $66 December Call for .86

So, look, some of you may be laughing at how non-optimal this trade is, but can I at least ask……....is the strategy even in the ballpark? If XLU generally sinks lower in the weeks ahead, is selling a credit spread the right way to go? (And, umm, this is a credit spread, right?)

I have entered what I think the correct data is in the spreadsheet. At this moment, it is showing a $119 profit, and my maximum profit, I think, is $1462. (43 cents times 34 contracts time 100). Once again, do I have this right? If not, how would I calculate it?

Your answer(s) would be appreciated!