Sell GLD by selling my May/Jun 147 call calendar spread, GLD @147.8 when trade filled. I net a 45% profit after spreads and commissions. As usual, while the percentage gain is impressive, the dollar amount is small. As GLD moves above the strike price, the spread starts to decrease in value. Each part, the May 147 call, the Jun 147 call and the calendar all went up.
The calendar has the advantages of positive theta (time decay works for me) and lower cost and a smoother ride vs. buying straight calls. A negative for calendars is two bid/ask spreads, two commissions each way. If there were no commissions, no bid/ask spreads, like paper traders might report, or some option training programs permit, the profit might have been more like 65% instead of 45% on the exact same trade.
I am still long GLD via being short some May and Jun puts.
Long EEM, GDX, GLD, IWM, SPY, TBT/TLT
TBT/TLT = short strangle on TLT
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