August expiration on S & P Futures options

The S & P 500 September contract has had a 51 point high to low within the past 10 days. Since we placed the 1325 -1345 August call spread recommendation on August 6, 2008, the S & P 500 September futures have been from 1292, when we placed the trade, to a high of 1313, to a low of 1262, and settled today, August 15, 2008 at 1299.70.On August 6th we stated that "We recommend selling the August 1325 call on the S & P September futures contract and buying the August 1345 call for a collected premium of 1.80 points or $450 less commission and fees. The spread is 3% out of the money, and we feel will not be reached within the next 10 days."The 1325 -1345 August call spread recommendation on August 6, 2008, on theS & P 500 September futures expired worthless. To discuss setting up a monthly S&P Income generating program for you, give us a call

Stephen Zielinski
Mercury Capital Management, LLC
908-787-2089
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.