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Spy- breakeven at 267.8, max gain $1160, max loss/buying power reduction $440 
Current price of SPY - $261.15


Like the risk to reward on that trade. More complicated than most of mine but need to look at butterflies and iron condors given the current chop in the market. I think the market wants to go higher but all the fuel is being drained by reverse QE, higher rates etc. so the bearish bias is warranted. BTW current SPY price is 265.2 4/15/18