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ES 10-16-08

wow, a crazy globex session basically coming out flat. Volitility is very high, so entries and exits have to be quick! looking to buy near the open
buying 912 area
still waiting ...909.50
Sold short 905.25
nope shot thru it too quick , now waiting ... next stiop 903
buying here.. one only
Out flat had 5 pts but this thing is moving

long one from 903, looking for 912, exit by 910
Long 908.25
I'll add more at 901...or 920 which ever comes first..

a friend sent me this tonight so I thought I'd ask you folks:

"These are for the November options.
Do you have a clue what the catch is?

Sell 94.00 puts 94.00 SWGWP make +$9.48
Short the SPY at $94
Buy 94 calls 94.00 SWGKP pay -$4.73
Net profit $9.48- $4.73= $4.75
This looks like a risk free trade to me.

What's the catch?"