1 GLD 12/17/2025 372/377 Bull Put Spread
1 GLD 12/17/2025 381/385 Bull Put Spread
1 GLD 12/17/2025 382/386 Bull Put Spread

Rolled 1 GLD 12/17/2025 410/405 Bear Call Spread to 1 GLD 12/19/2025 415/410 Bear Call Spread at $0.16 Credit

Sold 1 SOXL 12/19/2025 28/32 Bull Put Spread at $0.22 Credit

Sold 1 NFLX 12/19/2025 101.5/100 Bear Call Spread at $0.17 Credit
Sold 1 SLV 12/19/2025 65/62.5 Bear Call Spread at $0.18 Credit
Sold 1 TTD 12/19/2025 41/38.5 Bear Call Spread at $0.15 Credit
Sold 1 TTD 12/19/2025 40/39 Bear Call Spread at $0.17 Credit

Sold 1 SOXL 12/19/2025 48/45.5 Bear Call Spread at $0.14 Credit
Sold 1 DOW 12/19/2025 20.5/22 Bull Put Spread at $0.17 Credit
Sold 1 DOW 12/19/2025 21/22 Bull Put Spread at $0.15 Credit
Sold 1 EOG 12/19/2025 97/100 Bull Put Spread at $0.30 Credit
Sold 1 TTD 12/19/2025 40/38 Bear Call Spread at $0.18 Credit
Sold 1 NFLX 12/19/2025 100.5/98 Bear Call Spread at $0.17 Credit
Bought DLTR 12/26/2025 139.0 Calls / Sold DLTR 12/19/2025 135.0 Calls for Diagonal Bear Call Spreads of $0.13 and $0.18 Credits

1 GLD 12/15/2025 406/401 Bear Call Spread

Sod 1 DLTR 12/19/2025 139/134 Bear Call Spread at $0.84 Credit

Rolled 1 GLD 12/15/2025 368/373 Bull Put Spread to 1 GLD 12/17/2025 382/386 Bull Put Spread at $0.21 Credit
Rolled 1 GLD 12/15/2025 379/384 Bull Put Spread to 1 GLD 12/17/2025 381/385 Bull Put Spread at $0.19 Credit

CPB 28.0 Put
CPB 27.5 Put
CPB 27.0 Put
DOW 22.5 Put

BAX 20.5 Covered Call
DOW 29.0 Covered Call
MSTX 6.0 Covered Call
SPCE 5.0 Covered Calls

GLD 375/378 Bull Put Spread
MSTX 8/6.5 Bear Call Spread
PG 137/138 Bull Put Spread
SOXL 57/54 Bear Call Spread

Assignments:
1 BAX 19.0 Covered Call
1 CMG 35.0 Covered Call

1 GLD 12/10/2025 373/377 Bull Put Spread

These 3 stocks now account for 20% of the entire SP500 index

Sold 1 NFLX 12/12/2025 88/91.5 Bull Put Spread at $0.22 Credit

Sold 1 DLTR 12/12/2025 130/127 Bear Call Spread at $0.64 Credit
Sod 1 PG 12/12/2025 135/137 Bull Put Spread at $0.39 Credit

Sold 1 SOXL 12/12/2025 57/54 Bear Call Spread at $0.24 Credit
Sold 1 CMG 12/12/2025 38/35 Bear Call Spread at $0.20 Credit
Sold 1 FISV 12/12/2025 71/69 Bear Call Spread at $0.22 Credit
Sold 1 ULTA 12/12/2025 560/565 Bull Put Spread at $0.90 Credit
Sold 1 ULTA 12/12/2025 555/557.5 Bull Put Spread at $0.30 Credit
Sold 1 GLD 12/10/2025 372/377 Bull Put Spread at $0.27 Credit

TZA 10.0 Covered Calls
SPCE 4.5 Covered Calls
MSTX 6.5 Covered Call
IP 43.0 Covered Call
CMG 34.5 Covered Call
BAX 19.0 Covered Call

CPB 29.0 Put
DOW 22.5 Put
FBTC 66.0 Put
MSTX 3.5 Put
TZA 7.0 Put

Assignments:
1 DOW 23.0 Put

New low today on the strength of the Russell 2000 index

Bought to close 1 GLD 12/05/2025 405.0 Call at $0.01 then
Sold to close 1 GLD 12/05/2025 410.0 Call also at $0.01
Releases $500 margin a day early

New low today

Closed 1 GLD 12/03/2025 372/377 Bull Put Spread and rolled it to 1 GLD 12/052025 374/379 Bull Put Spread at $0.15 Credit

Bought to close 1 OKTA 12/05/2025 100.0 Call at $0.01 then
Sold to close 1 OKTA 12/05/2025 105.0 Call at $0.02

Bought 1 MSTX 12/12/2025 8.5 Call / Sold 1 12/05/2025 6.5 Call for a Diagonal Bear Call Spread of $0.14 Credit

Sold 1 MSTX 12/05/2025 7.5/6.5 Bear Call Spread at $0.14 Credit

Sold 1 MSTX 12/05/2025 8.5/6.5 Bear Call Spread at $0.12 Credit
Bought 1 SOXL 12/12/2025 54 Call / Sold 1 12/05/2025 47 Call for a Diagonal Bear Call Spread at $0.20 Credit

Sold 1 ULTA 12/05/2025 610/607.50 Bear Call Spread at $0.33 Credit

If you take CPI data at face value, the current real rate is between 1.6 and 1.25 percent (That’s the Fed funds rate minus the current CPI of 2.9 percent).

If the Federal Reserve cuts its rate by 25 basis points, as expected, the average real rate will fall below 1 percent. Two or three more cuts will result in a negative real rate. And if price inflation continues to increase, negative rates will manifest even faster.

Keep in mind that the true price inflation rate is higher than the CPI indicates. The government revised the CPI formula in the 1990s so that it understates the actual rise in prices. Based on the formula used in the 1970s, CPI is closer to double the official numbers. So, given the current BLS estimate of 2.9 percent, under the old formula, you’d be looking at CPI closer to 6 percent. In other words, real rates may well already be negative.

And that means there is no opportunity cost to holding gold or silver.

This is extremely bullish for precious metals. It explains why their prices have rallied every time the Fed has hinted at cutting. And it’s one of the reasons many analysts believe the gold and silver rally has plenty of legs left.

The truth is (although they would never say it out loud), the central bankers over at the Federal Reserve prefer negative real rates because it softens the government’s massive debt burden.

1 GLD 11/26/2025 391/390 Bear Call Spread

Sold 1 MSFT 11/28/2025 442.5/447.5 Bull Put Spread at $0.24 Credit

1 GLD 11/24/2025 384/381 Bear Call Spread

Also split today after close. Will start trading after split on Thursday.

1 GLD 11/12/2025 356/362 Bull Put Spread
1 GLD 11/12/2025 358/363 Bull Put Spread

1 GLD 11/10/2025 360/364 Bull Put Spread

Bought a tiny bit more of BAX at $18.00
Bought a tiny bit more of CLX at $108.00
Bought a tiny bit more of KMB at $100.00
All yield north of 4% and are at new lows

1 GLD 358/361 Bull put spread
1 GLD 362/366 Bull put spread

1 GLD 10/29/2025 383/374 Bear Call Spread

in the SP500 index with over 4% dividends at new lows
Bought a tiny bit of CPT at $97.50
Bought a tiny bit of MAA at $127.00
Bought a tiny bit of HRL at $22.00
Bought a tiny bit of CMCSA at $29.00
Bought a tiny bit of GIS at $47.00
Bought a tiny bit of ARE at $60.00
Bought a tiny bit of CAG at $17.50
Bought a tiny bit of CLX at $113.00
Bought a tiny bit of KMB at $117.00

Sold 1 KMB 10/31/2025 114/116 Bull Put Spread at $0.30 Credit
Sold 1 TMO 10/31/2025 542.5/545 Bull Put Spread at $0.40 Credit
Sold 1 BMY 10/31/2025 38.5/40 Bull Put Spread at $0.15 Credit
Sold 1 CMG 10/31/2025 34/36 Bull Put Spread at $0.21 Credit

One of those odd days where both SPY/SPX and VXX/VIX are all up.

ALSO A LARGER THAN NORMAL NUMBER OF NEW 52-WEEK LOWS IN THE SP500 with the overall index at an all-time high

WTAF???

1 GLD 10/27/2025 425/420 Bear Call Spread

Sold 1 BAX 10/31/2025 26.0 Covered Call at $0.20
Sold 1 BAX 10/31/2025 20.0 Put at $0.15
Sold 1 CMCSA 10/31/2025 26.0 Put at $0.09

GLD 353/358 Bull Put Spread
GLD 366/370 Bull Put Spreads
GLD 367/372 Bull Put Spreads
SOXL 28.5/32 Bull Put Spread

KVUE 17.0 Covered Call
SPCE 5.0 Covered Calls

DOW 18.5 Puts
DOW 19.0 Put
F 11.0 Put
INTC 29.5 Put
KVUE 13.5 Puts
LUV 24.0 Put
T 24.0 Put
T 24.5 Puts

as is SPY and GLD (big time)
What could possibly go wrong!

Yesterday:
Sold 1 OXY 10/03/2025 43.5 Put at $0.06
Sold 1 BMY 10/03/2025 44.0 Put at $0.09
Today:
Sold out of my tiny positions in PFE at $27.50 and $27.66
Sold out of my tiny positions in ARE at $85.01 (after capturing the last dividend)
Sold 1 TZA 10/10/2025 7.5 Put at $0.14
Sold 1 KVUE 10/10/2025 15.5 Put at $0.19

1 GLD 10/01/2025 360/359 Bear Call Spread

I would have made more but at 3:30 Tasty trade took it upon themselves to close out the short side of spreads that were about to expire:
Bought 1 UPS 82 Put at $0.01 – Low for the day 82.64
Bought 2 KMB 121 Puts at $0.02 – low for the day 121.48
Bought 1 TZA 8 Put at $0.01 – low for the day 8.23
Bought 2 GEV 585 Puts at $0.05 – low for the day 598.11
Bought 2 GEZV 575 Puts at $0.05 – low for the day 598.11
With Commissons/fees, that cost me $27.00 in additional profit
These were never in the money

Expired:
OKLO 85/90 Bull Put Spread
SOXL 35 Diagonal Call
PSKY 22.5/20 Bear Call Spread
PSKY 23/21 Bear Call Spread

BOIL 22.5 Put
BOIL 23.0 Put
CAG 18.0 Put
CMCSA 30.5 Put
CMG 37.0 Put
DOW 21.5 Put
HAL 21.0 Put
KVUE 16.0 Put
KVUE 14.0 Put
KVUE 13.0 Put
TTD 39.0 Put
TZA 7.5 Put

SPCE 4.5 Covered Calls
TZA 10.0 Covered Calls

Assignments:
1 KVUE 17.0 Put
1 HAL 24.0 Covered Call – vs stock acquired via put assignment on Apr 04 at $23.44

1 GLD 09/24/2025 354/350 Bear Call Spread
1 GLD 09/24/2025 355/351 Bear Call Spread
1 GLD 09/24/2025 356/352 Bear Call Spread

CLF 8.5/10 Bull Put Spread
CNC 37/33.5 Bear Call Spread
CNC 37/34.5 Bear Call Spread
SOXL 21/26.5 Bull Put Spread
TQQQ 75/85 Bull Put Spread
TQQQ 80/86.5 Bull Put Spread
TQQQ 81/87 Bull Put Spread

CAG 20.0 Covered Call
CE 65.0 Covered Call
CE 60.0 Covered Call
CE 55.0 Covered Call
HAL 24.0 Covered Call
SPCE 4.5 Covered Calls
VTRS 12.0 Covered Call

CMCSA 31.0 Put
DOW 23.0 Put
GIS 45.0 Put
JHX 17.5 Put
LYB 50.0 Put
STZ 130.0 Put
TZA 8.0 Puts
TZA 7.5 Put
WU 8.0 Put

Sold 1 TQQQ 09/19/2025 80/86.5 Bull Put Spread at $0.14 Credit
Sold 1 TQQQ 09/19/2025 81/87 Bull Put Spread at $0.15 Credit
Sold 1 SOXL 09/19/2025 21/26.5 Bull Put Spread at $0.16 Credit

Sold TZA 09/19/2025 8.0 Puts at $0.18

After all rolls on call spreads

EXPIRED:
AAP 50/55 Bull Put Spread
CLF 9.5/10.5 Bull Put Spread
PLTR 135/140 Bull Put Spread
PLTR 145/155 Bull Put Spread
SOXL 16/22.5 Bull Put Spread

BOIL 27.0 Put
LCID 14.0 Put
CHWY 32.0 Put
CMG 37.5 Put
CNC 27.5 PUT
KR 60.0 Put

BAX 26.0 Covered Call
CAG 20.0 Covered Call
DOW 27.0 Covered Call
HAL 24.0 Covered Call
SPCE 4.5 Covered Calls
TZA 10.0 Covered Calls

ASSIGNMENTS:
1 CNC 33.0 Covered Call – vs. Assigned cost of $31.35 on 07/18