Yesterday's order for a GLD call calendar spread Jun/Jul 160 calls filled with GLD around 149.0.
I buy the Jul 160 calls sell the Jun 160 calls. As review, this is a mildly bullish bet, with a max profit if GLD reaches 160 at Jun expiration. The trade has positive theta, so time decay works for me. If GLD falls, it losses, and also if GLD goes rapidly to 165, the trade also flips to a loser. Advantages over buying straight calls are lower cost, positive theta. Negatives are the two commissions and bid/ask spreads each way, less upside than buying straight calls, and trade flips to negative if GLD sky rockets.
Long EEM, GDX, GLD, IWM, SPY, TBT/TLT
TBT/TLT = short strangle on TLT
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