Before I sold the Jan '12 at the $16 strike for $2.5 which I closed for even money. I have my eye on the $14 put with Jan '12 experation which are currently trading at 2.07. I am looking to enter with SLV around $16 and would like to collect at least $2.5 per contract at the $14 strike.
Gold and silver look to be heavily correlated with the dollar. I believe as long as the dollar continues to stay relatively strong in the short run I'm not sure if SLV can rally. I'll be looking for a reversal of relationship especially if gold reaches $1000 level. I'm sure many investors who missed the move may be eyeballing that particular level...
ReplyDeleteOn a different note thanX Dom for the options insight yesterday. I was very fortunate to walk away from those FCX Dec 09 puts with a $100 profit. As of the close of yesterday I was down $160. If I hadn't talk to you this morning I probably wouldn't have closed out the position and the stock continued it's weak downtrend right from the open after having gapped up.