This strategy takes under considiration and with high probability that the emerging markets will not out perform the U.S. markets, at least not for the next moth. With that being said, lets take a glance at the macro outlook. The U.S. economy starts the year 2012 with continuing momentum gained on 2011. The year 2011 should be the year that hindered U.S. from the risk of recession. Continuation of good economic data shows signs of resilience, mainly the endorsing housing market. On the other hand, instability from the 'Euro-Zone' will continue its recession next year, in the meantime the ECB manages to avoid a collapse of the financial system that will lead to a break-up of the Euro currency. Remaining risks of potential credit-rating downgrades for European sovereigns and banks, still keeps investors cautious. One important step towards stability by the European Central Bank’s (ECB) was the intentions to supply unlimited three-year liquidity to the European financial system. That alone will not solve stability risks, since the austerity measures that need to be taken will face abysmal culture's differences, deep recession without a real pragmatic approach to lead a sustainable growth. With that being said 2012 is likely to be another volatile year for financial markets as households, companies and even governments will find it more difficult to borrow. The emerging markets wiil drag with the rest of the world and with no exceptionaly good news seems to come out and change the current macro picture.

Strategy layout:

Symbol:  Spy; Price:$126.16.
Place a credit put spread 5.5% out of the money Jan20 2012 expiration.
Combo Trade 1:
Buy SPY Put119  &  Sell SPY Put120

Symbol: EEM; Price:$37.91; Beta:1.38;
Place a credit put spread 7% out of the money Jan20 2012 expiration.
Combo Trade 2:
Buy EEM Call41  &  Sell Call40 Instructions:

Instructions:
Both combo trades should be executed at the same time!
A proper time should be around 13:30 EST. 
Ratio: About 1to3; we believe that first price action will be to the downside.

Strategy Maintenance:
Closed trade 37$ profit about 16% profit on the total risk
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