This has been a real peach of a trade. In just eight days, (FCX) shares have jumped by 8%, taking the Freeport McMoRan October $28-$30 bull call spread from $1.68 to $1.93, a gain of 15%. And we did this by only risking 10% of our capital.

We managed to achieve this profit when the price of copper actually went against us, falling some 3%. Clearly the equity aspect of this position proved more important than the underlying fundamentals.

This is why I endeavor to find trades with multiple reasons to work. Hey, if you can?t skin a cat one way, try another. The dollars are just as good at the bar.

We have harvested 78% of the potential profit on this position, and have a full month to go to capture the rest. On top of that, we have a major market-moving event in two hours. So I am going to keep the gift and take the money and run. The risk/reward ratio has now swung against us. Also, I prefer to have some extra dry powder in case Ben Bernanke shocks us today, whatever the shock may be.

I wish they were all this easy.