The gold pull back doesn’t seem to be lasting very long so starting to look for some short term put sales.

STO July 15 $120 put @ $1.60

STO July 22 $250 call @ $1.25

Made some additional trades. When $NUGT just kept climbing even as Gold was dropping, I capitulated and closed my July 8 $170 call and rolled it into a July 15 $220/$131 Strangle.
I rolled my July 8 $175 calls up to July 8 $190, $195 and $200 calls once $NUGT started to show some weakness.
The reason I sold the covered call yesterday was so that if $NUGT continued to run higher, the profit from that trade would substantially cover any potential losses from the $170 and $175 calls.

Except for a spike at 11am, Gold has been drifting lower all session. But $NUGT is really hanging tough. At some point this afternoon, if Gold keeps drifting lower, eventually it would seem likely that the miners should start drifting lower as well playing some catch-up.

OK, did something today that I wanted to do on a pull back, but it just isn’t pulling back. It will now though since I made this trade today. Bought the July 15 $152 Covered call for $137. It was not the optimal entry point, but after the pull back and quick rebound today, I went ahead and put the trade on. I know $NUGT could be at $120 by friday, but there are a lot of reasons for Gold/Miners to continue to go up and very few (other than some profit taking) for them to go down right now. I basically had to ask myself the question, “if this thing pulls back to $120, do I think it will go back above $137 or $152 in the reasonably near future?” I think that is almost a certainty. If it did pull back, I’d also get a shot to sell another call against it.

So if Fuzzy’s put sale doesn’t cause this stock to tank, this trade certainly will.

Tomorrow someone will announce a product that turns the Florida toxic algae into Gold for $100/oz

STO July 15 $220/$105 Strangle @ $2.65 (qty 1)
I’m continuing to get smaller on this name as weekly expiration’s occur. Adding a little back here. It would be great if $NUGT stayed below $170 this week but there is just no relenting in this stock. Keep expecting some profit taking in Gold and a pull back in $NUGT, but pull backs right now only seem to last for 30 mins and the buying comes back strong.