Thursday, June 07, 2012

Rebalance GLD (sell calls) and buy SPY (close puts)

Sell GLD Jul 166 calls GLD@154.2
Yikes! Ben Bernanke's comments spike the gold rally. Chart resistance at 165 and 166. I rebalance, though am still net long (short Jul 143 puts, short Jun 146 puts). The French open tennis tournament is going on, and I feel like a tennis ball being served up. My mind tends to focus on the bad moves, though there have been some good moves such as EWG (German ETF) too. As I finish typing, GLD has moved up .4 to 154.6 so my timing continues to be questionable.

I also close out one leg of a short SPY put backratio, selling long SPY Jun 128 puts with SPY@132.8. This leg closes out at a loss, however, the offsetting short puts are at 123. This leaves me short Jun 120 puts, Jun 123 puts, Jul 110 puts, long Jul 115 puts for a net long position on SPY. Obviously, I would have done much better closing out the SPYs early in the week, instead, I sold some Jul 120s which wasn't as good a move.

Net long GLD,IWM, SPY

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