I'm on the road but wanted to share a quick update on the SPY options strategy I shared on Wednesday.

If you recall, I put on two positions simultaneously:

• 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)

The idea was that if SPY was above $391 or below $369 at today's close when the options expire, the trade would hit maximum profit.

The market spiked on yesterday's CPI report, and SPY is right around $395 right now.

The put spread is worth $0.

But the call spread is now worth about $7.20, enough for a nice gain.

The reason it's not at $8 is that the options still have some premium to burn off.

As long as SPY is above $391 today, the call spread should be worth nearly $8.

I'd make sure to lock in the profit at some point today if you took the idea.

Do not let it fall into the red. This is still a bear market and you never know - if things turn south this trade could go from win to loss.

Hope you have a great weekend!

-Scott