GDX Gold Miners ETF (34.41)

We’ve legged into a covered write that makes us long 200 shares (or a multiple thereof) @31.12 and short two Feb 35 calls @2.55. At expiration this position would yield a profit with the underlying stock trading $29 or higher. Our maximum theoretical return of $1,286 would come with GDX $35 or higher, but it would be reduced by $200 a point below that number. For now, do nothing further.