Bought SPY Put 207.5/207

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spy option 06172015
spy option 06172015

I just picked up this SPY Put debit spread for .26 cents expiring July 31st.  Currently SPY is at 27% IV rank which is not good for credit spreads and I do have a lower target for the SPY at 206.  With 44 days to go on this options and a 2 to 1 risk to reward on this option play I'll hope for a sell off in the next 30 days down to my 206 area where I'll take profits on my short leg and leave my long leg for the ride back up...  Yes!  My best laid plans...   Here is the weekly chart of the SPY...

SPY 06172015
SPY 06172015
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