Ok, http://theoptionsmonkey.blogspot.com/ put this trade on yesterday. I had a meeting of fellow students at my house last night and went over this trade, it looks like a great trade. The strike price is right where it should be for the channel and I got filled this morning at the open.

WMT Call Calender

Long Jun 08 47.50 call @ 3.40 debit
Short Feb 08 47.50 call @ 1.45 credit
That's a net 1.95 debit

Check out The Options Monkey's blog on this trade @ http://theoptionsmonkey.blogspot.com/2008/01/open-wmt-call-calendar-febjune-4750.html