Quote from: Chart_ist on April 02, 2017, 11:17:27 PMIncremental to your comment in the chart looking at 50/50 either way for a move, GDX and GDXJ both have Bollinger bands that have pinched suggesting a move forthcoming but the indicator does not suggest direction. My GDXJ covered calls that expired last Friday will be re-written today for expiration Friday and I will probably add to PVG holdings. There has been no news from PVG on commissioning the new mine, but if it goes as planned, the wet commissioning should be starting this month with commercial production declared soon after. I would not be surprised to see the stock trade between $15 and $20 on declaration depending on how flowery the announcement is worded. Management has a good track record so success here would not be surprising.
Sandybeach knows that the complacent may indeed, be left behind. With the $15 pop in gold today.. I'm witness to shorts piling into crude oil as well as the metals... Just seems like I've seen this movie before. A Weekend.. profit off the table, a short opportunity and a gap higher Monday morning.. YIKES~! We live in interesting times. I've looked at GORO this morning.. LOW risk.. High Reward purchase. JMHO
This is a quick comment on strategy I have been employing. It is presented to potentially give others an opportunity to evaluate for their use. I have not been using protective straddles on the options because I feel quite confident in the PM market direction, but using straddles would make the strategy less risky, but at a high price.When I wrote the GDXJ calls last Monday, I wrote 1/3 at $37.00 strike expiring today on shares purchased for $36.50 and 2/3's at $40.00 strike expiring April 21 on shares purchased for $39.82. With the recent Syrian events and today's lower than expected jobs headline number, GDXJ is likely to open with a serious gap up, and probably be filled in short order if it gets filled, as the trend for PM's seems up. I will write weekly $37.00 puts Monday. Using the calling of the 1/3 as a marker, the profit including option premium and 50 cent gain is 7.03% over the course of 3 weeks, not too shabby. Since the 2/3's was purchased at a higher price further back, I have not calculated the returns, but they are on the order of 3/4% per week for the option premium only since purchasing the shares Feb 6. All of the funds go to dollar cost averaging into PM stocks building the share count for the big bounce yet to come.
Why manipulation? I don't buy it..anyone whip bought gold/silver or miners this am does not know how to traders...and traders who did not take profits...ditto.I have only LT positions at the moment but I knew this wold come back down...no manipulation at all.