Also, a part of me still wants to go big swinging dick and get short the S&P here but I think I would be putting to much risk on the table.
So you think the S&P is a good short here, you just aren't doing it due to your other positions? What would be your target if you did short it?
I don't really use targets, but I think the 1665 area on the dec. futures would be your best bet. Also, I think it's a decent short but for this journal I'm not going to sell it because I just haven't seen the negative correlation between the S&P and gold that I would like to see.
Bought 2 FB Oct. $46 puts @ 1.99 Going to add if we go lower. Will def be peeling off some risk in my gold/ silver longs if we continue to puke. I just don't want to be really long going into a friday unless I'm sitting on profits. Edit: Sold the 2 SLW OCT 27 calls @ 0.58
Puked on 2 lots of the MGC @1331.40 I have to take some off to mitigate risk. Probably selling the lows so if you were waiting to buy I'm sure it's a good time.
Out of all my SLW 26 calls @ 0.91 25 call @ 1.38 I have to be honest I've never really seen anything like the PM's are trading right now. For example GDX trades record volume on Wed. on obviously very bullish news and gains like 8% then trades all the way back down in two days? Probably going to dump the rest of my mgc today as well because I just really don't get the price action. It's hard for me to understand why we haven't rallied more. out of my mgc @1332.50 For all that I lost a couple hundred bucks.
Weekly ATM straddle on gld selling for 3.00. I might put on the 123.5/ 128.5/ 133.5 iron butterfly here. Not positive on direction though as I think it's possible we trade lower next week. After getting flat, I have switched my overall bias to bearish/ neutral as gold should have been in rally mode after that news. Appears that the bears have shook off the no taper and are back in control.
Out of my fb puts @ 1.70 Ended the week down 2.8%. That sucks considering I was on the right side of the market for the fed meeting.
Start of the week probably won't do much as I'm still bearish to neutral on gold right now. It's possible that there could be a decent possibility for a short later in the week but it's sold off to much the last two days for me to short it here. I think gold is going to test at least the 1275 level before going higher. I'm not going to be too aggressive with my shorts as most of the sentiment indicators I follow are leaning bullish and I prefer to play big in their direction.
Not seeing much I'm interested in here today and will not be doing anything today in the PM's and PM miner space. I am starting to consider looking at some shorts and maybe an S&P short but I am going to wait and sell a rally if I can. A lot of garbage has shot higher here in what I assume was bad money managers chasing returns. Things I like for shorts are fb, yelp, z, p, lnkd, grpn etc.