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im out of this, sold for $4k loss (not figuring all the calls I sold oh and dividends) on second thought maybe I broke even or made a tiny bit.
i think i got $2600 last 2 divi
next week gdx tests 100 day 23.60s
selling dust calls probably at 26
my 21 puts expired worthles just wish I took more of that free money
this is a huge fight for gdx trying to get above or stay above many moving averages. I count 10 breaches of 20 and 200 sma in recent sessions. any close under 200 day makes it more likely to test 100 day sooner rather than later. Too bad you cant sell covered calls to negate decay.
bought 2 jan 15 57.5 calls to give me 6 total legging in and will sell calls on vix drop to create vertical bull spread 57.5-80
read the miners earning reports, its never good they just loose less money on a good qtr
selling more puts here in next few moments if there is a bounce bounce off 200 DMA (24.8 gdx)
on the ask for selling more 21 puts hope I dont regret
ouch! I guess I wont waste the $ buying back for pennies
great so if current expiry is less than last months difference(contango) will be made by expiry ?
nice thanks for news, I may wait for options but leaning on gold being shortable on any pop
Ray,
does anyone have a formula on svxy/uvxy weekly prices out? As another poster asked if vix closes at X at expiration what will svxy/uvxy
want to buy back 25.5 weeklies but ask at .15 till close when ask is is .05 i will buy back market order and wait for what I think will be a drop on gdx below 200 day (24.8)
Sorry on phone I love fed day
Sold 25s will bought back at 120 cst
Sold 2 21 strike puts for $160
I will buy back calls for a possible sell again tomorrow at drs now think I am holding 1k svxy from 58 as well with Vix expiring next week
Oh and leaving for playa maroma next week so happy trading
and gold drop to 1302 watch 1297 on gold it could provide stingy support
for dust $30 you need gdx to fail at 23.60 next time it tests it and you would get dust $30 around 23.10-23.20 gdx off top of my head( not taking into account some decay)
gold started selling at 1310 this morning
very low volume for miners. I expect market to test some support tomorrow on fed day(red market day). Miners could plunge as they look like they want lower today. JMO
gdx failed first test of 200 dma should retest so scalp city today on weekly calls.
pretty telling time here for gdx if it closes above 24.8 could make a bit of a run if it fails I would bet it tests 23.6 again sooner rather than later unless some geo political issue manifests.
I am looking close this am before first meeting may go long some nugt weekly calls for a scalp or even sell a 22 dust put if gdx doesnt pop further. Also could sell my 15 calls at lower strike or outright sell my shares for $4 gain. Decisions decisions..
yeah I hear you, I just saw .2 moves on 25 and 25.5 weeklies
where are you looking to sell this week?
ugh so many decent swings today, A skilled trader could have jumped in and out of covereds several times
edit: Im not skilled and didnt sell calls
BTC @.05 filled instantly
STO 15 @25.5 for .45 ($650) on weekly $1800 since monday on premiums
busy till noon today so setting an order to sell calls again now for the week.
just take the difference from last months expiration and current month and convert into % ?
I am sure doc or ray put a detailed explanation perhaps on uvxy board? post your findings I will look as well. Some of their posts should be stickies for sure
nice job !
bought to close @ .2 so net $1,157 will look for another spot to sell calls hopefully this week
i set mine for .1 over ask when I had to leave my computer, sure enough I check my phone an hour later dust up 4% from when I left. Its never a bad time to assure profit, watch gdx and fail of the 100 DMA it hit 3 times in last 45 minutes of trading today.
I think if it fails then ...
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sold weekly $25.5 's got $1 or $1500
they are now 1.3 such is life but 1 dollar better thannone
think I am going to sell weekly $25 strikes for my 1500 from 18.69
calls expire worthless $820 in premiums for the week and keep my 1500 shares @18.69
yeah, I am bearish miners in general wanted to keep my 1500 shares dust through weekend. This weak gdx bounce has me thinking I get called away. I can still hope 1300 (support) in POG causes a bounce late in week and i keep my shares preferably 23-24.99 range so I capitalize on the gaps you mentioned. When gdx is oversold I will just sell $19(my cost is 18.69) covereds to assure i get called away
I may have sold covereds too early my reasoning was to insure profits and in my little head, I had tuesday as a bit of a bounce play(for miners) on what I think will be greener markets. GDX could ride along with it even if gold is flat or down(after high volume sell) If gdx bounces 1% that would push dust back to 23.4 giving me 8% cushion for wed thru and friday. If I get called away thats fine but it would be wonderful for DUST to close at 24-24.99 so I can ride at least 1 more week
selling 15 weekly covereds here $25 strike on ask at .55 to assure profits
i think i may short both next time
Thanks, worked well will look at it more tomorrow but raised stop and may just sell weeklys itm and if they get called away fine if not fine. Although 1300 should put up a big fight if it drops to it. I still am of the thought that miners are debt dragging and should lag any substantial move in gold
moved stop to $20 to lock profits, if miners loose ground tomorrow and I still have shares I will probably sell weekly calls.
raised stop on my shares if gold retests 1300 I will sell calls to further insure profit.
Do not fight the fed
I actually see people flock to gold as a sentimental reminder of yester year. I always hear people talking about SHTF scenarios but if it really hit I want gas and eggs and possible more bullets. Seems kinda odd to think of shaving down gold coins or bars and bartering with it. As you already eluded to countries do not back currency with it so I do not see the allure.
The mining companies are a whole other issue with huge debt and I never really see any good news about the companies. this past quarter they lost less money because they saved on exploratory costs. That also limits the money they can make. I have given shorting the miners a decent rest in favore of inverse volatility but overall I do not see the great upside in real or paper gold. I would love to hear something that made me think differently
Folks getting dusted here... should have stepped out at Christmas... The $Gold bull is on full force. 1361 seemed to be the line but the bull sliced through like it was melted butter.
I am definitely sick to my stomach over the loss however I realize it was several variables and my lack or wrong action that made it possible for me to incure this loss. I had my biggest loss on a trade last year (dust 40 calls) I was a month off on a run over 50. I was able to brush it off and turn in a respectable yearly gain of 67%. I will begin looking at svxy bull call spreads, and as always I value your imput and thank you