CLOSING the $GLD Options Action trade - mike

7/20 gold bounced around a bit since this trade was shown on air, but without the constant trade updates as advertised on cnbc, the trade is a total loss if you are holding till today with GLD trading t 154 ish. hope you took some action along the way.

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6/28 - youre up about 20% if you are still holding this with the puts going for near $4.00 now.. might look to do what mike said in video clip to "spread it out" ..as in sell a lower strike put to lock in some gains or at least reduce your risk thus making it a put spread.

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6/1 - mike has a trade on GLD with a near term bearish thesis. here is the video options action

Buy the July 153 put for $3.25 ($325 per lot)

important point to note in his comments is that if GLD moves down to look to "spread it out" which means your Put has increased in value (profit) so you can sell a lower strike Put to lock in the gain.. it creates a Put spread now. thesis makes sense but i can tell you which way gold is going like the next person. dont know. but its a good time to try a bearish play since GLD is right up against the 50day moving average.

google docs spreadsheet for all of MIkes On-air trades