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Assume you are long the HSI 28400 - 28600 (Bullish spread) April Call spreadand short the HSI 28400 - 28600 (Bearish spread) June call spread.

Assume you arelongthe HSI 28400 - 28600 (Bullish spread)AprilCall spreadandshortthe HSI 28400 - 28600 (Bearish spread)Junecall spread. Assume that aweekbefore theAprilexpiration HSI is at 29600 and that the current (low) interest rates and current volatility will stay the same. Thevalueof the combinedposition, in index points,should be

a. zero

b. 200

c. 0 <Value< 200

d. 0 >Value> - 200

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