GDX & SLV Update

The GDX put was recently down about -45% I believe and it came =back, but it's too old, the premium too high and GDX looks like it may see a corrective bounce, at that point I can establish a more timely premium at a better price, I didn't move DUST which is the equity short (like GDX puts) because DUST is better suited to withstanding pullback/corrective drawdown and is a better choice in my view for chasing a longer term trend than options, options are great on momentum, when it starts to fade so do the profits, even if the option keeps moving in a favorable direction often.

SLV, I closed half because it's a newer position, but I think it too may bounce/correct, where I can add to the position again, but in the mean time taking some of this morning's momentum/profit doesn't hurt. I prefer equities for longer term trends and leverage/options for quicker moves or well timed moves like SLV puts.

The charts that influenced my decision.

 GDX longer term 10 min which is great for DUST (3x short gold miners ETF), however...

The intraday action on the 5 min GDX chart shows a slowing of 3C downside momentum and is starting to look like a corrective intraday bounce is building, if so, I'll look to add to GDX or add the position back at the right moment as that bounce starts to fail if an option still looks like the appropriate vehicle.

SLV...

 Again the longer term 15 min chart looks great, SLV should come down, but options don't play by the same pricing rules as stocks, many different elements go in to their pricing, not just price like stocks.

I only took half off the table because this is a newer position, if I can add the half back at more favorable prices, I will.

The short term 3 min chart is showing a loss of downside momentum and I always want to capture momentum with options, there's a gap above that looks like a possible corrective target.

I'll get the P/L out soon