At the start of this issue, a laser is being fired at Spider-Man whilst he swings in the air, with a voice nearby taunting him. As it goes on, it's revealed that it's just a photo that's being shot at, and the shooter is J. Jonah Jameson testing out the latest Spider-Slayer. Jonah and Marla Madison test out a few more of the Slayer's abilities, before calling it a day and finishing up.
Over on a highway, two men are driving a truck along a desolate road, when a mysterious glowing ball appears. One of the men points it out to the other, but it disappears and he dismisses it as his imagination. A moment later, the ball appears on the other side of the car, and makes the driver crash the truck. The ball then heads to the back of the truck, and turns into the form of a man, who steals a device from the truck, saying about how he detests doing this, but has been ordered to, and has no other choice. After he's stolen the device, he turns back into the ball and flies off.
Some time later, Peter Parker goes to visit his Aunt May, who is protesting about her landlord trying to eliminate rent control on her building. Afterward, Peter goes off with Mary Jane, thinking about how if Aunt May is getting more active, then maybe he can reveal his secret identity, since the reason he keeps it secret is that he thinks her heart couldn't take the shock. As Peter and Mary Jane walk, he also notices someone on top of a rooftop watching him. He manages to get rid of Mary Jane, then changes to Spider-Man, and he is confronted by the Spider-Slayer.
J. Jonah Jameson reveals to Spider-Man that he knew he'd find him if he followed Peter Parker around, but Spider-Man manages to get away from the Slayer quite easily, since Jonah still hasn't got the hang of the Slayer. Spider-Man then pays a visit to Robbie Robertson, and asks him if Jonah's been acting different from usual. Robbie says that Jonah's been looking a lot over a mysterious envelope he keeps in a desk, but otherwise everything is normal. Spider-Man heads to Jonah's office, and finds the envelope, but decides not to look at it there, since the night watchman is around.
Spider-Man then leaves, but passes the mysterious glowing ball from before as he's swinging around. Spider-Man follows the ball into an apartment, where it turns back into a man, and steals an envelope from a safe. Spider-Man asks who he is, and the man replies that although he was once a man, he is now a Will-O'-The-Wisp. Spider-Man tries fighting Will-O'-The-Wisp, but with his ability to control his molecules, Spider-Man does badly. Their fight leads to them falling to Rockefeller Plaza, and Spider-Man notices the envelope he stole from Jonah dropped on the ground. He's about to grab it, but Will-O'-The-Wisp thinks it's the one he stole, and hypnotises Spider-Man, and makes him immobile. As Will-O'-The-Wisp is about to grab the envelope, the Spider-Slayer reappears, being driven by J. Jonah Jameson.