Gold (GLD) peaked on May 20th and has taken a hard hit over the past few days. All but one of the GLD call positions has declined beyond the 50% from best percentage gain levels, triggering stops. Only our original Jun 21st $195C remains standing. Accordingly, I will be adding a new GLD position when this retracement appears to be over. Look for it as soon as early next week, but more likely in June. Gold Futures Best guess is that Gold is in the early stages of a Wave 4 retracement in advance of a Wave 5 run up to new highs. We are now on the look out for a end to this leg down and the beginning of that fresh impulse advance. It may take days to weeks, but odds are high it is coming. GLD Calls - YTD Based on 50% declines from Best % Return, only the March 1st trade, the Jun 21st $195C remains alive, untouched by a 50% trailing stop which comes into effect somewhere in the neighborhood of +240% (half of 476%). Expect a low for the current move in the next few days to weeks, but not months. Also expect to jump all over that next Buy Signal. IWM If IWM breaks below 200 it's time to add puts Jul 19th $195P Aug 16th $195P Choose Jul or Aug as per risk tolerance...a lot can happen in 57 days, even more in 85. More to come this weekend.
