GLD Follow Up

Yesterday I opened an Aug $152 Call in the options model port., you probably recall the charts of GLD and GDX.

Today it's doing well thus far, there are some issues of 3C catching up to confirm like the rest of the market, but we are seeing consolidation taking palace now which should be helpful. Since I went out to August on this position, I'm "less" inclined to close it at the first sight of an intraday pullback and will probably tolerate a little more correction activity than I normally would, in part based on what I think will be the eventual target.

The charts...

 Yesterday's Calls already up 26+%

 I'm thinking GLD will eventually come pretty close to the upper resistance of what appears to be a large bear flag.

 While the 1 min chart is in line intraday, the trend is not quite yet, consolidation of price should help this improve.

 1 min intraday is in line and after the market's parabolic move we are now seeing correction, thus far largely through time, but a pullback would fall in to the correction category as well. I still can't get over the Euro/USD call, not because it was accurate thus far, but because it was so brazen, popping right on the 9:30 open and taking most traders by complete surprise-most....  :)

 GLD 2 min with a small leading negative divergence, this still falls in the correction category and as such I'm not too concerned with it as far as the Call position goes.

 2 min trend looks pretty good.

The 5 min trend looks pretty stable as well so I'm not too concerned about intraday corrections after that opening move.