Sell
GLD Oct 111 puts @127.9
If
an observer says that I am playing gold badly, that person is
correct. I got whacked on the dip and am adding back long exposure on
this relief rally. These puts are way out of the money and below the
prior lows.
The
stock market is ripping to the upside, and once again the big time
bears, like the ones warning about a crash have egg on their faces, and excuses for their subscribers or losses in their accounts.
The rally means I have less exposure going forward. It is more
difficult to find new positions because option premiums are down and
many stocks are extended to the upside.
/edit
to add: buy QCOM via selling Oct 60 puts @68.3
Qualcomm
announced a continuation of their stock buy back program. The premium
is tiny, making this a tiny worm trade (fishing analogy, small fish, big fish, worms are too small to be called fish). However, 60 is far enough out of
the money to give me some comfort.
Long
BRKB EMN GE GDX IWM KORS LGF
Net
long APC BA GLD SPY XRT
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