Hi, First off, I'm a learner. I opened a bear call spread using E-mini S&P 500 Jan options on November 4 as follows. ES JAN 2012 1100 Call - Sell to open ES JAN 2012 1150 Call - Buy to open Credit of 41.25 Held to expiry, max risk $437.50, max profit $2,062.50, break even when S&P is at 1141. Figures above taken from the optionsXpress "trade & probability calculator". The advice I was after is this. The S&P has had a big fall. I am currently showing a profit of about 100% on my risk and think that the S&P is currently oversold. Can I buy any cheap protection or is it just a case of close out or suck it up and hold on to expiry? Thanks.