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A Publication of Princeton Research, Inc. (www.PrincetonResearch.com)
Contributing Staff: Michael King, Charles Moskowitz
September 04, 2016
Charles Moskowitz Discussion
FINALLY GOT THE GOLD CALLS
Week 35 wasn’t the greatest on realized gains /losses as we had a loss of $364 dropping the YTD gains to $6,502. However, I’ve been trying to buy back into the GLD calls since a couple of days since it failed several times in the last 3-4 weeks. We were in gold, HL and the SLV calls and got out quite profitably back in July. Since then we had a few truly minor losses in the GLD, but wrote calls against our longer term HL call position. A reminder, we are in a $2.50 spread that we’ve already taken out the costs PLUS some.
Anyway, I’ve been following the gold futures and the GLD (ETF) down in the Daily Notes and texts but just could not get us back into the position at what I thought was a decent, low risk price. Tuesday and Wednesday’s low were around the $125 area and we were fortunate to have the metal down when we opened in NY and we got the calls exactly where our limit order was entered the night before on the texting service. Then came the ugly ISM, auto sales, and a couple of retail surprises, and everyone started to feel a bit less comfortable about a rate hike this coming week.
This chart shows that we bought the calls right below the Bollinger Bands with both OBV and more importantly momentum clearly turning higher. If we do not break below the lows at $1,301, we can rally back to $1,350-55 without much trouble. That would equate to roughly $128-128.50. Plenty of profit for 9/126 calls bought @ $ .97.
The other new position is the AAPL 9/108 calls bought @ $1.01. The stock has been selling off on the EU news and the insider liquidation. The liquidation doesn’t bother me at all since 95% of insiders have preplanned and preapproved selling programs in place. The EU is another issue entirely. It is unadulterated BS. Even Ireland stands by the deal it made with AAPL years ago. A country with only 4.5 million people that can make a deal to create 5000 jobs certainly deserves whatever breaks were given. That’s the other part of the deal, The deal took place in 1991, and its retroactive to the inception. The only other example of this type of action is the US government going after JPM and BAC because the Fed asked them to do these deals and the made them liable for all the past misdeeds they got those (Bear Stearns, JPM, Countywide credit). Let’s hope that Ireland and Tim Cook will show a little gumption and not just pay for them to go away. Appeasement NEVER WORKS.
The AAPL chart is similar to the GLD, flagging out, resting on the lower Bollinger Band and oversold. Usually at this time, ahead of the new IPhone release and the problems of exploding batteries at its major competitor, Samsung. CAM
The AAPL chart is similar to the GLD, flagging out, resting on the lower Bollinger Band and oversold. Usually at this time, ahead of the new IPhone release and the problems of exploding batteries at its major competitor, Samsung. Have a good short week..CAM
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