Closed positions on S&P credit spreads

Yesterday was an ugly day on the markets. With the bankruptcy announcement of Lehman and Merrill being taken over by Bank of America, the indexes did not look good. After the open, the major indexes fought their way back up to the 61.8 % retracement to around 1237. On Friday the put spread value was worth .2 or $50. We closed out the put spread Monday for 1.0 points or $250. We had stated that The Federal Reserve has its FOMC meeting on monetary policy and interest rates September 16, 2008. We would look to close out these positions prior to the meeting.
To discuss setting up a monthly S&P Income generating program for you, give us a call.
908-787-2089
Stephen Zielinski
Mercury Capital Management, LLC
Website http://www.mercury-capital-management.com/

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