I rebalance back to net long on gold. The rally has pushed my short Sep 145 calls deep into the red. I have three layers of short Sep puts against those calls. I still tend to think that the gap resistance will hold. We are all waiting for more news from the Middle East. Gold has had a decent rally and it is extended.
There is more risk in selling puts on something extended to the upside. My recent move in Liongate Entertainment LGF is a reminder. The puts I sold on Monday are deep in the red.
As always, I don't like fast markets because I tend to be a relatively slow moving trader. Sometimes the cliche of "don't do something, just stand there" is the best course for slow moving traders and investors.
Long BRKB EMN GE GDX IWM KORS LGF
Net long APC BA GLD SPY XRT