I just bought a 1/3 position in the SPY Apr 153 puts at 1.36 (same ones I sold yesterday for a .25 loss).
Also, long GDXJ.....My belief is the gold mining stocks rally over 30%+ into June..... I am making a large bet in this belief.
As for $SPX...... probably only 10-15 handles of downside over next two sessions.....enough to make some change in puts....
SPY down....Gold mining UP
Started by
cycletimer
, Mar 12 2013 09:23 AM
2 replies to this topic
#2
tomterrific14
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Posted 12 March 2013 - 09:28 AM
I just bought a 1/3 position in the SPY Apr 153 puts at 1.36 (same ones I sold yesterday for a .25 loss).
Also, long GDXJ.....My belief is the gold mining stocks rally over 30%+ into June..... I am making a large bet in this belief.
As for $SPX...... probably only 10-15 handles of downside over next two sessions.....enough to make some change in puts....
Gold and the Miners may get some tail winds if the Dollar breaks that uptrend with a MACD cross (a Jack Chan method of trend change)
http://stockcharts.com/h-sc/ui?s=uup
#3
cycletimer
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- Traders-Talk User
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Posted 12 March 2013 - 03:50 PM
I just bought a 1/3 position in the SPY Apr 153 puts at 1.36 (same ones I sold yesterday for a .25 loss).
Also, long GDXJ.....My belief is the gold mining stocks rally over 30%+ into June..... I am making a large bet in this belief.
As for $SPX...... probably only 10-15 handles of downside over next two sessions.....enough to make some change in puts....
Gold and the Miners may get some tail winds if the Dollar breaks that uptrend with a MACD cross (a Jack Chan method of trend change)
http://stockcharts.com/h-sc/ui?s=uup
Thanks for the chart. I don't have any inkling of the downside in the US $ but upside in miners is between 30-40% considering their free fall. Imagine those poor souls who've owned a gold fund for the past two years through today, YIKES!
I am long Tocqueville gold fund and purchased GDXJ this morning and plan to add to this position and even purchase some August call options. I exited my SPY put options at 1.60 earlier today, was recorded in real time on twitter.
Equity markets are still suspect and I will not hold puts overnight or now, only day trades with volatility on my side.
