GLD May 10th $130 Calls Are Finally Closed

I say finally because we closed half of the original position on Wednesday, half of what was left Thursday and the final sale to close out the position completely just now. The Wednesday P/L was a +30% gain from the $5.70 cost basis, yesterday the fill was $11 for a 93% gain and today, even though GLD was higher than yesterday, the fill was still $11.00 for a 93% gain with the position now closed.

This is why I like to use momentum to close positions, even though GLD is higher today, the volatility and time decay didn't add a single penny to the fill.

Here's why I decided to close GLD entirely, SLV was closed entirely yesterday for a 95% gain...

With this negative 1 min divergence this morning, it would take a monstrous move to the upside to overcome the time decay and make the position worth holding for any additional gains, in this way options are VERY DIFFERENT than stock long or short positions, option pricing is based on a complicated Black-Scholes model with premium based on volatility, strike and time remaining/decay.

All in all though we had a good run in both PM's, I still like both and think there's more upside to be had, but first we need to find another new entry point.