GE has been feeling the relentless blows of sellers since the Fall of 2007. In fact, it is so beaten down that it's beginning to reek of opportunity.

Fair value for the trade at the time of this writing is $250 with a max gain of $250. This is a bullish trade, but we must recognize that GE could continue slipping. If one were to enter into this trade only to have GE fall further, there might be an opportunity to close out the short 35 call at a favorable price and let the long 30 call ride in hopes of a subsequent rise in the stock price.

A good company going through a bad time is often an opportunity in the making.