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The S&P 500 Index ETF has had a very long run up over the last three months, putting us at the highest point we have seen in some time. We have the increased focus on Greece that is causing people to reconsider the risks in the market. This combination of factors is likely to cause a short term correction in the markets. We are taking advantage of this situation by opening a Bear Call Spread on SPY. In addition to the expectation of a market drop we have the short Feb 131 Calls with an IV of 20.5% and the protective long Feb 134 Calls with an IV of 16.4%. This differential gives us a small additional edge in our trade.