Our calendar-spread position has gained a mildly bearish bias with the approach of April expiration, so I’ll recommend closing it out on any weakness this morning that brings Goldman down to 120 or lower. In such circumstances you should come away with a net gain of $1,200 or more, but above 120 the theoretical profit would fall by about $110 per point. (It will also increase by $300 per point above 130 because of the vertical call spreads we hold).
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