Hi folks, For those of you who trade spreads on the SPX, I have developed a decent bull spread strategy based on historical data going back nearly 10 years. In the 119 monthly cycles since January 2001, the SPX has risen 74 times from settlement to settlement, or in 63% of the periods. This despite the fact that the index has LOST a total of 200 points, or 15% in market value during that period. In other words, the monthly bias is up, no matter what the overall pattern is. Since a straight bull put spread in the front month SPX options with the short strike the nearest to the settlement price at each expiry will yield a credit of 2.00 to 2.50, the risk/reward ratio is quite favourable. Any type of a modest martingale money management strategy provides excellent returns, even in years of large overall losses, such as 2002 and 2008. I'll be happy to respond to any questions concerning this strategy.