Considering the S&P 500 broke through its 200-day moving average earlier this week, how should you game the market going forward?
Brian Stutland of Stutland Equities recommends looking at a call spread in the SPDR S&P 500 ETF aka TheSPY .
Here's how he's playing it:
***BRIAN'S SPY TRADE****
Buy July 109 calls, pay $4.00
Sell July 114 calls, for $1.30
How Brian's SPY Trade Makes Money
Losses below 111.70
Profits 111.70 - 114
To learn more about this trade, watch the video now!
______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to fastmoney@cnbc.com.
Trader disclosure: On June 17, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC), (NOK), (SBUX); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Finerman’s Firm owns (AAPL); Finerman owns (BP) calls; Finerman & Finerman’s Firm owns (HPQ); Finerman & Finerman’s Firm owns (IBM); Finerman owns (KFT); Finerman & Finerman’s Firm owns (RIG) calls; Finerman is short (IYR); Finerman is short (IWM); Finerman is short (MPY); Finerman is short (SPY); Pete Najarian owns (MRVL), short calls; Pete Najarian owns (HPQ), short calls; Pete Najarian owns (MRVL), short calls; Pete Najarian owns (CMC) a call spread; Pete Najarian owns (TCK), short calls; Pete Najarian owns (AMD) calls; Pete Najarian owns (LLC) a call spread; Pete Najarian owns (C) calls; Pete Najarian owns (BAC); Pete Najarian owns (BBY) a call spread; Kelly is short (GS); Kelly owns (BP) puts; Kelly owns (FCX) puts; Kelly owns (GLD); Kelly owns (GDXJ)
Dennis Gartman
Funds Managed By Dennis Gartman Are Short Yen
Funds Managed By Dennis Gartman Are Long Canadian Dollar, Australian Dollar
Brian Stutland
Stutland equities is a market maker in (SPX), (VIX) & (VXX)
Stutland equities owns (SPX) & (VIX) futures and options
Stutland equities owns (VXX)
Pavel Molchanov
Molochanov owns (CVX)
