July end of month option expiration on S & P 500 futures

The S & P 500 September contract has had a 60 point high to low within the past 10 days. Since we placed the 1310 -1330 July end of month call spread recommendation on July 21, 2008, the S & P 500 September futures have been from 1261, when we placed the trade, to a high of 1291, to a low of 1231.60, and settled today, July 31th, 2008 at 1266.

On Friday July 18th we stated that "We are looking for the market to possibly continue its rise for another 1% to 2 %. We will look to sell the end of month call spreads on the July contract within the next few days."

The 1310 -1330 July end of month call spread recommendation on July 21, 2008, on the
S & P 500 September futures expired worthless.

We will wait till after the jobs report on Friday, August 1, 2008 to make our next recommendation.

To discuss setting up a monthly S&P Income generating program for you, give us a call
Stephen Zielinski
Mercury Capital Management, LLC
Website http://www.mercury-capital-management.com
There is a risk of loss trading futures and options. Past performance does not necessarily indicate future results. Trade with risk capital only. Commodity trading is not appropriate for all investors. This recommendation is strictly the opinion of its writer and is intended solely for informative purposes and is not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures and options trading involve risk. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. In no event should the content of this market letter be construed as an express or an implied promise, guarantee or implication by or from Mercury Capital Management that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance.