GLD ($134.90): Continuation trade here where I’m playing from ahead as the calls I bought on Thursday returned 100% on Friday. $135 is a big resistance level though. $137-$140 is in play on the week if GLD can close above $135 by Tuesday. Soft support is $134.51 with key momentum support at $134.15. Below $134.15 and $133.50 is key trend support. Below $133.50 and $129-$131 is my target. Given my premium (I’m in the $137 call [sold 50% of my position Friday]), I need GLD to stay as close to $135 as possible on Monday, if not break out and run above it. I like longs but not necessarily my strike price as long as $133.50 is holding.
SPY ($166.62): I’m net bearish on SPY but there is a sweet spot here where $167-$168 is in play on holds above $166/1,660 SPX. Below $166/1,660 though and I feel my short bias is well justified and I’m targeting a test of last weeks low around $164. Below $164 and I believe $160 is a magnet. Above $167-$168 and I’ll change my mind on that net bearish sentiment and target new all time highs in the $170′s.
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