I'll be in California on Thursday and Friday, and I wanted to share an options strategy I have on for the CPI report tomorrow.

I believe SPY could be above $390 (if CPI is light) or below $370 (if CPI is hot) by options expiration on Friday.

So I have two SPY options positions on for Friday:

• Long SPY $377/$369 put spread (long the $377 and short the $369
• Long SPY $383/$391 call spread (long the $383 and short the $391)

Both spreads can be bought in the neighborhood of $4.75 to $5.25.

For the idea to hit maximum profit, SPY has to be above $391 or below $369 by Friday's close.

That would make one spread worth $8 and the other worth $0.

This is not a low-risk strategy, and you'll have to be active on Thursday or Friday to manage it.

But, I thought I'd share it in case you're into options.

Please note that there won't be a Weekly Roundup on Friday and I won't be sending any more alerts since I'll be away.

Have a great rest of the week!

-Scott