This morning I set up a June 41/42 credit call spread, collecting a $150 premium after commissions on 10 contracts. My total risk on this trade is $830. I don't normally like to play such a lopsided risk/reward spread, BUT MO has gone straight up from just below $34 in February to $40 and some change right now. So I don't believe it's got another 2% giddy up in it, regardless of this flight from growth stocks to value and safety.
I'm also playing this to expiration. Normally I like to set up spreads right at the money positioning myself with a 50/50 risk reward set-up. Then once I get the move I'm looking for I close it. That's not going to be the case with this one. I played it far enough out of the money that it should be safe all the way until expiration in June.