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Okay the Fed has spoken. The S&P virtually did nothing today; is that good or bad? Gold was up and I mean up. Maybe that means something.
NEM got going today to the upside on the get go. I had the 50 calls to expire today. It look like a long shot at the open, but then it wasn't. Yes the 50s would be called, no they won't and yes they will. It looked like profit taking would set into NEM around 3:00 PM, but didn't happen. With the long weekend and NEM surging past 50.50, I was in the profit hole. So, I decided to BuyWrite the Sept 21st 50s for over $75 premium on each set, to buy back down to 50 and open a free price window above; for I know not what Monday will bring.
I was thinking about the news article posted in the prior post. The "title" ....... "Fed hints". That's all there is to it. The "Hint" or someone saying hint. So the game goes on for the investing rubes. Because that's what is happening: market participates are being played like a violin. Not a problem; let's play.
GLD and NEM had very good volume today. That's positive for "UP". I am looking forward to next Tuesday to see if we get follow through.
Check out the trades: I got into this trade on time. But if I want to max the profit, I need to get out sooner sometimes than later; so I exited on the violation of the ZLEMA. Only for NEM to run even higher. I decided to just do it and I bought back NEM and wrote the 52.5 calls for heavy premiums. And when profit taking hits NEM, it can be wicked.