10-21 Sugar is staggering at the 61.8 Fibonacci level on a long term chart, so this may be the digestive move sugar has waited for since 1980! Of course that may be just hopeful thinking but on a daily chart the market has come a long way without a retracement and is looking fatigued. We already have puts under the market so now we are starting to get more aggressive. Buy the March 25/22 bear put spread and sell the March 35 call (NAKED). The spread is currently a credit of over $800 which means the trade has an intrinsic reverse break even at 35.75 giving trade the ability to be profitable from 3565 and lower based on intrinsic value, however extrinsic value needs to be watched. The profit potential on the trade is $3360 (the spread) plus the premium credit minus commissions. Good Luck and Be Alert.
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