This week, we are moving past earnings to look a the overall market. To do this, we'll try a long put spread, which is on page 62 of The Options Playbook. You can always find the information online at OptionsPlaybook.com.

Today, we discuss:

• A review of last week's bull call spread on FL
• What was our forecast?
• What happened?
• Now that earnings are mostly over, let's look at the general, overall market
• Setting up a long put spread in the S&P 500
• Picking expriations: why weekly options over standard options?
• With these expriations, we are selling more time premium that we are buying
• Picking strikes: where is the SPX right now?
• Will Labor Day impact the spread?
• What was the net cost? Risk?
• Don't forget about commissions!