NUGT

#SyntheticShort – Thing’s been on a nice run right up to the 200ma so easing back into a short position. Starting out with about a 40 percent position and going out to Jan 2019. Long GLD so this is a nice hedge that I rode down last time too. I’ll be looking to add the rest of this at NUGT 40 and 45 if we get there…

Sold to Open NUGT JAN 18 2019 32.0 Calls @ 9.04
Bought to Open NUGT JAN 18 2019 32.0 Puts @ 10.69
Bought to Open NUGT JAN 18 2019 34.0 Calls @ 8.43

Net debit of 10.08 with max loss of 12.08. With 55 weeks for the trade to run need to average 22 cents per week to cover worst case scenario.

So:

Sold NUGT JAN 5 2018 29.5 Puts @ .36