GLD Trade May be Coming

Gold got hammered, this is the QE/Risk off move, usually it would be the opposite on a dovish statement, but apparently the market didn't take it that way yesterday.

In any case, DZZ the 2x short gold ETF that has been in the trading portfolio as a longer term (not trend or core position, but a large swing trade) is at a gain, however I see signs that Gold is likely to bounce and that's not surprising after yesterday, I'll get to GDX (Gold Miners) after I finish with gold as it has a leading correlation.

I may either trade around DZZ as I have the trading portfolio set for equities only, no options so I have no way to hedge that position other than to trade around it or leave it be and sit through some drawdown,but I still like the position for what it was meant to do and I'll have charts up showing it's still a good position for what it was meant to do, but nothing moves in a straight line in the market.

So I may either use some GLD calls (As I added GDX calls to this week and may increase that position as well)... as you know, when I use options it's for the leverage because I think it's a shorter term trade and thus needs the leverage for the profit potential to be worthwhile.

Let me finish gathering the charts and I'll make a decision shortly, but at least you can take a look and run it through your system.