I opened a 179/180 spread in GLD for a net credit of 0.20 for calls expiring this week. I’m betting there is enough downward pressure on gold to keep GLD below 179 for the week.
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Chart from Schwab StreetSmart Edge
Gold—sideways for the week?
First posted on
I concur on the downward pressure; but what of the potential relief from volatility from the BRIC buying up debt in the EU! I’m currently long on GLD Sep 30 175 Calls and even with the extra 2 weeks today made me a little jittery. Regardless I bought more contracts today because they were such a steal, I just can’t see us finishing off the month without a few more triple down days on the DOW which seem to almost always give a major jump to GLD calls. I’m going to be waiting for the first up day for GLD to see if I want to liquidate my contracts. If it can’t get above 179 anymore, the gig as they say is UP! (at least for us day/swing traders)