Bought SPY Jun 07 '13 $165 Puts @ $1.10 + Sold SPY Jun 07 '13 $166 Puts @ $1.45...

Net credit of $0.35 per share...  

Was going to get into call spreads, but the trend is still up and the put sellers have been minting money.

Perhaps this is why there are so many Buy the Dippers - and I'm sort of joining them with this trade... Sort of!