The following is the OptionBT sighting of    "Black Shoes".
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Title   :   "Black Shoes"
Position Description  :
     Position taken   :     August 25,2004
     A little less than Four Months out,
     Vertical Bull Call Spread for Debit,
     Long the 04 Dec 995 Calls (600 cnt) and Short the 04 Dec 1025 Calls (600 cnt),
     N0 Margin required,
     Short calls out of the money by 79 points (Close Aug 25,2004 was 1104.96).

     Expiration/Settlement    :    December 17,2004 / Settlement = 1190.45

Count   :                     600 pairs
Credit or (Debit)   :     ($1,560,000)
Margin   :                   No Margin Required.

Results   :                   Net = +$240,000      (break even was at SPX = 1021)

Comments   :   "Black Shoes"

  "Black Shoes" is a reminder of the story which goes, "How can you tell a conservative?"; answer : "He only has two pair of shoes and they are both black."

"Black Shoes" goes way in the money to place his forward looking bull call spread.
This reduces the risk considerably as does the short fuse ( only 4 months out ).
In the high flying options game there are few examples of the "Black Shoes" variety. It is refreshing when one shoes (sorry) shows up.

The real trick is to get a good fill as we see here with a $26 spread on a 30 point strike gap.
This will bring in $4 or $400 per pair if allowed to settle for cash.
The result should be $400 x 600 cnt = $240,000. Pretty simple, very conservative, and most of all a nice little prize for the $1.5M short term investment.

End Game:

The SPX closed in December 2004 near the 1200 mark, far above the 1021 break even that "Black Shoes" needed. Now he has a little cash ($240K) for shoe polish.

Congratulations "Black Shoes" you walked off with a winner.

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