Well, one hour of trading left - then those July options all expire.
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Here is where we are - GLD - on the 60 minute chart. Both TSI and MFI have broken out favorably.
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I have documented (drawn) 5 preceding similar situations on the chart. No guarantees, of course, but I would think things don't look too good for the bears.
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However, if they have not run out of ammo I imagine they could knock GLD down in the last hour. If they are about out of ammo I would think that buyers will start to push price up into the close. They don't tell me what they have, so I really have no idea :)
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But we will find out soon enough.
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Click on the chart to ENLARGE
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/quotes_special.gif)
From CNBC
ReplyDeleteOptionMonster's tracking systems detected several bullish trades on names in the sector. In the largest, an investor bought 15,000 September 113 calls on the SPDR Gold Trust for $3.45 and sold an equal number of September 113 puts for $2.95.
The transaction, known as a synthetic long, will mimic ownership in the fund, which tracks gold prices. Because it only cost $0.50 to implement, the position will deliver significant leverage to the upside or downside. For instance, if the gold exchange-traded fund closes at $118 on Sept. 17, the investor will earn about 900 percent.
Hi -- thanks for making your views available. I began reading you recently.
ReplyDeletePardon my ignorance, but of what GLD option expiration are you talking? According to Yahoo, GLD options for August expire Thursday, July 29, at close. The same date is given on Option Pain, but they take their data from Yahoo. On the other hand, Market Watch gives the date Friday, July 30, at close.
Unfortunately, the CBOE, who issues these SPDR GLD options, does not indicate the expiry date (at least I could not find it, and I looked hard).
Bellow are the links, if you want tocheck for yourself. I would really appreciate to be enlightened about this subject, and I hope you can provide an incontrovertible source for the information. Thank you.
links:
Yahoo Finance
* http://finance.yahoo.com/q/op?s=GLD&m=2010-07
MarketWatch
* http://www.marketwatch.com/investing/fund/GLD/options?a=1&bars=1&bars=6&bars=7
CBOE
* http://www.cboe.com/micro/gld/default.aspx;
* http://www.cboe.com/DelayedQuote/QuoteTable.aspx?TICKER=gld&ALL=2
Hi Contulmiv.... I just did some poking around via Google for 'gold option expiration dates' and found these sources:
ReplyDeletehttp://www.forexyard.com/en/news/PRECIOGold-drops-2-pct-on-weak-data-option-expiration-2010-07-27T193503Z-US
http://www.heritagewestfutures.com/downloads/futures-options-calendar.pdf
http://www.cmegroup.com/trading/metals/precious/gold_contractSpecs_options.html#prodType=AME
http://jessescrossroadscafe.blogspot.com/2010/06/some-gold-and-silver-trading-dates-to.html
I hope this helps!