Buy GDX via selling Jun 51 puts, GDX @61.3. I open a Jun position. The low for calendar 2011 is 52, so a move to the strike would mean the entire year's gain is given up. Another low risk, low reward, bullish bet. Volatility on SPY is way down, but still about 37% on these way out puts.
/edit to add: I also buy GLD via selling Jun 134 puts, GLD @147.2. Support at the breakout level of 139 and the dip at 135. I also have a lot of thoughts about SLV, but it is moving too fast for me.
Long EEM, GDX, GLD, IWM, SPY, TBT/TLT
TBT/TLT = short strangle on TLT
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