thanks for the reply, some interesting thoughts. i see what you mean about going nkd on the 40 strike. i have been trading spy bps and wanted to start looking at some possible bear call srpds. i thought the risk was not too bad, a dime out of a dollar strike spread. you think that is no buena? i have been doing about 6-8 cents out of a dollar with most of my spy trades. on the recent intc trade i did 12 cents and had to buy back at 18 cents. i am also looking at selling cash secured puts vs the vertical credits. i think it is easier to recover from a bad trade by either rolling the put or taking assignment and going to a covered call mode. some of my verticals i bought back at a loss, when if it had been a cash secured put i could have held on and come out ok. but with the vertical and the possible bigger loss i was "scared" out of the trade and didnt have the strikes available to get a good roll. i checked out your blog, looks interesting. i saw where you traded short puts on tbt, so you are thinking rates will rise? i am thinking rates will fall.