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GLD trade ideas

Closing (IRA): GLD September 17th 150/July 23rd 166... long call diagonal for a 15.43/contract credit. Comments: Money, taking, running on this (which was pretty much my original intention if I got the move). My cost basis was 13.88, (See Post Below), so my profit is the difference between what I closed it for (15.43) minus my cost basis (13.88) or 1.55 ($155)/contract. 1.55/13.88 = 11.2% ROC. Naturally, there could be continuation, but the most I can make out of this diagonal is the width of the spread (16.00), and I'm not sure I want to hang out another 17 days (the duration of the front month), since it's been flopping back and forth across that 166 mark for a bit (which is where I'd need price to finish above to realize max).
AMEX:GLD
by NaughtyPines
Rolling (IRA): GLD July 16th 166 to July 23rd 166... for a .36/contract credit. Comments: Here, just rolling the short option leg of my GLD diagonal (See Post Below) while price is right at the short call strike to bring in a little bit more credit, reduce cost basis further, and improve my break even a smidge. I originally filled this for 14.24 (See Post Below), so my cost basis is now 14.24 - .36 or 13.88 and my break even 150 (the long call strike) + 13.88 or 163.88. Max profit potential now the width of the spread (16) minus my cost basis of 13.88 or 2.12.
AMEX:GLD
by NaughtyPines
Opening (IRA): GLD September 17th 150/July 16th 166 LCV*Comments: Pre-market, this is showing bid 13.89/mid 14.05/ask 14.21. Going long call vertical on gold weakness here (and taking a little advantage of call side skew), buying the back month 90 and selling the front month at-the-money. A sixteen-wide for which I'll be paying no worse (at least currently) 14.21, so a max profit potential of the width of the diagonal minus what I paid or 1.79 with an ROC at max of 12.6%. I'll have several opportunities to roll out the short call for additional cost basis reduction in the event that this weakness isn't over. * -- Long call vertical.
AMEX:GLD
by NaughtyPines
Gold forming similar topping pattern Many have observed that gold (using GLD here as a reliable proxy) might be forming a huge cup-and-handle pattern (1,2). That may prove to be the case. However, at the moment, the similarity of the unfolding trend to the 2011-13 topping pattern seems noteworthy in itself. Perhaps we’re seeing the start of the cup-and-handle leading to an upward bull run, or perhaps it will be a rerun of the 2011-13 pattern with gold going into a sustained decline. Imo, persuasive arguments can be made for either outcome, so I’ll just wait and see and in the meantime point out this arguably curious unfolding similarity. (1) (2) www.investopedia.com
AMEX:GLDLong
by iGoddard
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