Sold Some SPY Jun 14 '13 $165.50 Puts @ $2.90 + Bought Some SPY Jun 07 '13 $167 Puts @ $3.68...

Net debit of $0.78...

Loss of $0.49 per share on this lot...

Looks like the Buy the Dippers may be coming in, so will try to get out of the rest on a definitive pullback.  Otherwise, I'll need to get out at a price that is worse than current loss...

If I had skills, I would try getting out of the profitable trade and then getting rid of the losing trade on pullbacks, but I'm a Fraidy Economiss...