GDX pinned exactly at 45. If the conspiracy theorists knew about options they would be writing about that, but most don't, so they don't. Some option folks believe in the power of the pin, closing at or very close to a popular strike price on expiration day. I am half and half, the strike price does seem to have some power, but only some.
Like I wrote earlier, one trade I considered was buying the Dec 45 call on GDX back in September on the breakout for about 2.5 each option. Those holding the calls to expiration are looking at a 100% loss. Hindsight traders might say they got out at the top at 53 with a 350% gain (chart). Easy come, easy go, can be the life of the options speculator.
Santa Claus rally comes to the broad market.
My short MRK puts expire worthless, for a sliver of a profit, though a huge percentage profit based on the minimum margin required to sell the put.
My schedule still is super busy with other activities, so I will not be doing much in the way of trades or posts for now. Happy Holidays to all the readers.
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