Good morning!
Only talked about gold with Bloomberg. This guy was their gold specialist and he had no idea the COMEX is massively over-subscribed and he has no idea how GLD and other gold ETFs function - scary!
I mentioned ABX, of course and we do have 25 2018 $3 calls in the LTP at $3.60, now $6.80 but I'm not inclined to cover them just yet. We'll see how they do at the $10 line. We helped paid for them with 10 short April $7 puts at $1.57 and they are now dead at 0.13.
As a new play on ABX, I'd sell the 2018 $10 puts for $3 and buy 2x of the $7 ($4)/$12 ($2.20) bull call spreads for $1.80 so net 0.60 on $10 worth of spreads that are $5.20 in the money to start.
Our Futures longs are doing fantastic after being kind enough to give us cheap entries again - the market is truly like a broken slot machine this week. By the way, this is all despite a huge spike in the Dollar back to 99.82 that's driving gold back to $1,110.
January 29th, 2016 at 7:47 am | (Unlocked) | Permalink
TF/Burr, Jeff – This is FANTASTIC! – You guys are actually learning how to play the Futures! I am so proud!!! Now, good time for a little refinement – our levels yesterday were 1,000 (TF), 15,900 (ES), 4,150 (NQ) and 17,100 (NKD) and, since the others have already blasted over, TF is the laggard and it could be played long with conviction – even at 1,105 (where it is now). Also, obviously if ES crosses back over 1,900 – that's another good one with tight stops below.
Sorry, note on the Futures re.
