Buy GLD via selling Oct put backratios with GLD@184.1. Sell two Oct 154 puts for every one Oct 159 put bought. Selling these put backratios is net delta positive, so are bullish bets. The twist is an explosive max profit if GLD is at 154 at October expiration.
Stock market is all over the place. Some technicians are saying SPY 107 is support, with the potential of a double/triple bottom, but I see that price level as minor support. Lower lows and support at 105/104 seems more likely and where my short SPY put backratios are placed.
Long GLD, PFF, SPY, TLT
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