I reduce my GLD exposure by covering my GLD Jun 97 puts for a break even loss (about even on the trade but after commissions it is a loss).
Stock market is in melt down mode and margin calls may be spilling over into other markets. There was only about a 4% chance of the GLD puts coming into play, but I already sold GLD Jul 100 puts and feel overexposed. A full meltdown in gold would have done a lot of damage with the double position. I also have May 92 puts going off the board tomorrow.
There is never a good time for a trader to go cold. Sure I have had some major major drawdowns, however, I can take the total view, and that despite the recent swings am doing okay. I remind myself of rule #1, live to fight another day.
Long BRKB, GLD, SPY, TLT
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