Yesterday I decided to re-open a put position in GLD, right now it's already at a decent gain for such a small move and amount of time. For now, I intend on sticking with the position.
The position is at a nearly 14% gain since yesterday using July 155 puts.
Intraday today, the 1 min in GLD saw a small intraday positive divergence, however it seems to be fading.
This is the move up yesterday and the negative divergence in to that move which caused me to re-open the put position which was closed Friday in anticipation of a bounce. The 2 min chart shows the same intraday positive and is currently in line intraday, I expect the 1 min negative divergence will soon effect the 2 min chart and hopefully keep migrating through the longer timeframes.
The 5 min chart showing the negative divergence in to yesterday's afternoon run up.
The trend of the 5 min chart, since going negative around the F_O_M_C, you can see yesterday's negative divergence in to an intraday run higher and the current 5 min chart position is leading negative.
The 15 min chart shows the first put position entered in the white box, in the green box when the last half of that position was closed on anticipation of a little bounce, the second white box is yesterday's new put position and the red box is the 15 min chart in leading negative position.
There's still a lot of damage to the 30-60 min charts so I feel pretty comfortable trading GLD from the short side until we start to see the 15 min chart improve.
As mentioned, there may be a longer term trending long setting up in GLD, but I do believe it needs to pulllback at least to the $148.50 area before we can make any assessments as to how the longer term trend is developing.
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