Friday, August 16, 2013
Aug 16. GLD Reversed Downtrend On Short Horizon Chart.
Seeing overbought conditions and strong opening selling in the 132.5 area on the GLD 30 min chart I entered a credit bear call spread with strikes 133 and 134 at $0.13 in the morning, thinking that we had seen the day highs. Later, when GLD challenged the 133 level, I exited the spread at $0.18 with a small loss.
Bought to open GLD Aug13 134 Call 20 contracts at $0.10
Sold to open GLD Aug13 133 Call 20 contracts at $0.23
Bought to close GLD Aug13 133 Call 20 contracts at $0.19
Sold to close GLD Aug13 134 Call 20 contracts at $0.01