Really liking the price action today in gold and the miners. Will be looking to get into some gdx calls on the open if this keeps up.
Gold, Silver and Miners journal
- Thread starter actionzip54
- Start date
Bought 3 Gdx Sept. 29 calls for 1.10
3 Gdx Sept. 30 calls for 0.72
TLT calls are busting my balls right now but will hold them a little longer because they are really oversold and I would expect some kind of bounce out of them. Frankly, I'm more bullish on them here then I was when I bought them.
Will probably be adding to my AAPL short or to my TLT calls at EOD today. I also will more than likely add another lot to my MGC long. Will update as I go and give a full run of my positions at the end of today.
I'm out of everything except my 2 lot of mgc that I'm still sitting on.
I guess I can keep doing it but I just figured my style, swing trading, and the fact I can go a few days without making a trade would be to boring to garner much interest. Also, I basically focus on one sector.
Still not very interested in the miners here yet but everything in the precious metals space seems to be screwing down into a pretty tight consolidation which is usually indicative of a coming large move. My guess is that Syria's attempt at diffusing this war situation by giving up their chem weapons won't be met with any interest by D.C. as it seems they are dead set on war. Playing it small right now as last week and today I have just been off on my timing.
I'll keep updating as I see I have at least one reader.
I guess I can keep doing it but I just figured my style, swing trading, and the fact I can go a few days without making a trade would be to boring to garner much interest. Also, I basically focus on one sector.
Still not very interested in the miners here yet but everything in the precious metals space seems to be screwing down into a pretty tight consolidation which is usually indicative of a coming large move. My guess is that Syria's attempt at diffusing this war situation by giving up their chem weapons won't be met with any interest by D.C. as it seems they are dead set on war. Playing it small right now as last week and today I have just been off on my timing.
I'll keep updating as I see I have at least one reader.
Yeah I've been watching it pretty closely. I actually think you could see more come out of it if we keep going with no real news out of Syria but I think there would maybe be some edge here in owning vol maybe the Sept. 20 134 straddle. I'm just staying away for the rest of today as I just feel out of sync.
I also would be looking for S&P confirmation of any gold moves as I think the negative correlation between the two will continue to stand strong. S&P imo is really overbought right now.
Thanks, AZ, I was definitely enjoying your journal. I traded gold quite a bit this summer but have been staying away from it of late. I agree that if GVZ drops further to perhaps 20 that might be a nice entry for a long vol trade. I tend to agree with your view on SPX, but as you know the market has not been kind to that outlook the last few days. Good luck!
This is the kind of price action that I have been waiting on, and sitting on my hands for the last couple days. Looks like the market has made the decision that it's time to sell gold/ bonds and buy stocks because good times are here again. I think the market has it wrong this time and that both stocks are overbought and gold is quite oversold.
Will patiently watch the price action to see if an entry in something presents itself. It is possible that gold continues to sell off here to somewhere under 1350 but I find that less likely than it finding buyers somewhere in here. I also think that war is still a possibility as I don't think the chemical weapons in Syria were the main reason Obama wanted war. My assumption is that the U.S. wants to continue to assert control over the middle east through force and Obama will tip us off to that tonight.
Also, the gap on the spy/gld chart will fill, at least partially, today and I think that is also quite bullish for gold.
Will patiently watch the price action to see if an entry in something presents itself. It is possible that gold continues to sell off here to somewhere under 1350 but I find that less likely than it finding buyers somewhere in here. I also think that war is still a possibility as I don't think the chemical weapons in Syria were the main reason Obama wanted war. My assumption is that the U.S. wants to continue to assert control over the middle east through force and Obama will tip us off to that tonight.
Also, the gap on the spy/gld chart will fill, at least partially, today and I think that is also quite bullish for gold.
Bot 1 ES Sept. 20 1675 put for 13.00
Open positions:
Long 2 mgc from 1285
Long 1 ES Sept. 20 1675 put at 13.00
Edit: Exited the put at 12.00 as I'm going to just sit and watch but may re-enter. I just don't want to get caught in a moonshot higher.
Open positions:
Long 2 mgc from 1285
Long 1 ES Sept. 20 1675 put at 13.00
Edit: Exited the put at 12.00 as I'm going to just sit and watch but may re-enter. I just don't want to get caught in a moonshot higher.