Bull Call Spread (12 Mar 12): SPY

Look for a bullish market where you anticipate a modest increase in the price of the stock above the price of the short Call option.

SPY  $137.57

Buy to Open (1) Apr 12 135 C @ $4.16
Sell to Open (1) Apr 12 140 C  @ $1.26 
Net Debit: $2.90 ($290.00)
Breakeven: $137.90
Max. Profit: $210.00
Pct Return: 72.4% (42 days)