fuzzballl 10:53 am on Monday, April 11, 2016
Tags: ContangoETFs ( 446 )

NUGT….taking one for the team!

Sold 1 NUGT APR 22 2016 70.0 Put @ 3.06

This is against 2 short 75 calls so I’ll be glad to have to roll this out and down to May. That would re-pair it with short 95 calls…

Ramie 11:03 am on Monday, April 11, 2016

Thanks for your contribution Fuzzy. We need this thing to tank! But I have a feeling what the market is really waiting for is for me to sell some puts. Maybe I’ll oblige since we’re all making sacrifices…
geewhiz112 11:27 am on Monday, April 11, 2016

@fuzzballl
Joining team leader and sold $NUGT Apr 22 $70 Puts
I like your balancing tactic.
Jeff 11:49 am on Monday, April 11, 2016

Joining you, STO NUGT Apr 22 70 put for 2.95
STO NUGT May 6th 55 put for 1.80

These reduce margin for me, which has been getting heavy today.
#ContangoETFs
vxxkelly 1:00 pm on Monday, April 11, 2016

$NUGT I got thumped along with everyone else today. Been away for most of the day.

Blew out of my April 15 $75 and $80 calls this morning when $NUGT broke above $80.

Sold April 15 $62 puts, April 22 $50 and $55 puts.

With this latest breakout, $50 feels like the old $40. With as bullish as analysts are on Gold and miners, and with the negative rates, rising Yen, etc… Gold definitely has a bid. $NUGT/$GDX is now much, much higher than it was when gold was at this level a few weeks ago. With this latest surge we also have the issue of the strike prices really not being high enough ($105 is now not that far away). The miners are definitely stronger than gold itself. $GDX and $NUGT look like they are now outside the 3rd std dev BB.