Sell GLD via unwinding the vertical spread, selling the Oct 95 call, buying back short Oct 105 call.
They turned up the heat, and I got out, when GLD broke support at 97.
A 40% profit is nothing to sneeze about, but remember my comments about taking “small” profits on long option positions. I had trouble with my Internet access today, and that added to my concerns. Another down day for GLD and all my profit might have melted away. The psychological damage of letting a decent winner turn into a loser, is something I like to avoid.
Yet another factor is that sentiment seems to have gotten a bit more bubbly over at Kitco Commentary (link).
Overall, I didn't stick to my plan of using the time stop. I could have held on a bit longer to GLD 96.30 or so and still eeked out a tiny profit, but I chose not to cut it so thin.
Long GDX
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