BY Friday-Sure?Poor me- Iam sure going to end up in the poor house. Just joking. I bought some OCT 55 puts @1.23yesterday and going to sell the weekly (Sep 24th expiry) today to see whether the theta/near term volatility kill me or what?
I do trade SLW daily on the long side and scalp 15 to 30 cents consistently.
Good job on the puts. Need to keep it sane on this board. Probably will hit $60. I wouldn't call you a moron. Just when is the questions and how deep the pullback if any. So many currencies to watch and what of oil? Ugh. Enough to drive ya crazy. Good luck to us all.
Possible but very unlikely.
At best a pop to test the all time high set on March 17, 2008 of $56.74 followed by a drop to potential support at the 20 day moving average or even 50 day moving average (roughly $51-53) is much more likely. That would be a +3.4% move higher from today's close followed by a potential -7% to -10% drop to support before any move beyond $60 could seriously be considered.
Remember, there are people who bought at the all time high who have been waiting over 2 long years for this pig to finally get back to $56.74 so they can sell without taking a loss. That could put downward pressure on GDX at the $57 level. People DO NOT TRUST gold miners just yet (as indicated by GDX's pathetic price compared to gold). And the S&P500 is teetering like it could slip back to support at any moment which would also hamper GDX temporarily.
Sure, a surge beyond $60 is very possible this week. It is just very unlikely.