shorting spy through leaps

[dumb_mother]

i'm going short some spy just buying a bunch of at the money leaps puts for dec 2011- right now the 95 puts are going for about 17$. i just want the extra leverage and think it rather unlikely we won't retest lows at some point in next two years.

now i want to buy 10 contracts, but was trying to think of a spread to sell to try and recover some of the time drain. any suggestions of a good way to do that? should i just be selling like the 80-85 puts a couple months out and rolling that or is there a better way?

thanks for help - i don't usually play with options

dm

 

[spindr0]

There are many possibilities and what I and others think is a good way may not be what's best for you. With all due respect, if you have to ask this question of strangers on the internet, you shouldn't be considering the trade. Spend some time with a good option book and learn about the vehicle. Not only will you then be able to make informed decisions but you'll also be able to tell who's suggesting valid possibilities versus who's smokin you.