GLD AUGUST 152 Call

I just want to reiterate for newer members, I AM NOT a fan of options, I do however think you need to use the right tool for the job and with this market being as choppy as it is, quick trades have worked well for us, but they aren't worth the risk in most cases without some leverage. When we have a better trending market you'll see far fewer options trades if any.

I decided on a GLD Aug. $152 Call, about 50% of a normal position size, so still in the speculative range of position sizing.

 I wish I was able to take my own advice and fade the gap from this morning, but my first duties are to the members.

I like this 15 min chart's look for a short term trade, perhaps up to the $162.50 area as mentioned before. I said earlier in the week the 15 min chart was shaping up and the last 2 days it has really looked a lot better.