Wednesday:



Just a sideways grind. I was thinking of buying some puts to protect the downside, but every time I think: mostly I am wrong. So I didn't do it. And I thought maybe I should roll my options since my outstanding options were cheap, but I decided to wait to the end of the week. Thinking again, I was.

Got a break of that pivot mentioned in a previous post. With increasing volume. Looks down to me .............. what do you say??



The Gold Miners ETF:

Yes, NEM opened gap down and headed lower with the general market only to rally after 11:00. I checked the premiums of my outstanding options and they were as cheap as they would get. As time stamped on the trades image, NEM was consolidating, so I high balled the spread prices and they executed. I have 200 more shares that are married to puts and tomorrow after 3:30 I will sell 2 calls about 1 to 2 points higher than the stock. I sold the 47s and 49s today because moving down strikes without netting above the $1 price for the spread is an instant potential loss.





I don't know how many traders are involved with NEM or if it is the market maker, with 15 minutes to go in the RTH, they knocked NEM down.

I waited untill 3:30ish to sell the remaining two calls. I decided to sell the 48s instead of the 47s. I can always roll down to the 47s.

Not much happening with NEM today.

On Tuesday, NEM opened gap down, then consolidated. I wanted to execute a vertical spread lower to 46, but I didn't want to get squeezed on a price pop. So I didn't.

Wednesday another gap down open, then the whole day of consolidation.



So I did that vertical down to 46, but only after the premium had disappeared. I had put my order in yesterday and today as a higher then the bid, but it didn't execute. I finally threw another order out there for chump change.



And finally the daily/weekly chart is a good guide for the trend as NEM did break that lower pivot.

Thursday another day. The image has two days of 15 minute bars. Yesterday, was the gap down and consolidation, today was the gap up and consolidation (up bias). I have 600 shares and tomorrow I will have to write two calls on 400 shares.

Friday, gap up open and then consolidation. I wrote the 4 calls, 2 46s and 2 47s.

Not much happening this Monday. I was going to do a spread or two to collect premium, but decided to hold tight. NEM took it on the chin Monday.