I’ve suggested taking a partial profit on our TLT call spreads, which have performed even better than we’d expected. We legged on the spread sixteen times at no cost, and it had the potential to go to $3 — for a riskless gain of as much as $4800. I’m now advising selling half the spreads for around $2.25, but also buying some put options as a hedge if TLT reaches a key target just above 133. For explicit details, check out today’s tout and the chart that accompanies it.