We hold two covered writes that will yield a theoretical gain of $1,286 if GDX settles $35 or higher today. The profit can still be protected against a drop below $35 by buying two February 35 puts, but I’ll leave it up to you to decide how much to pay for them intraday. If GDX appears confidently buoyant above $36, the Feb 35 puts will melt down to nothing quickly as the day wears on. However, if the puts can be bought for 0.10 in the first hour, and especially if the stock is trading 35.75 or lower then, you should buy them just so you can relax. _______ UPDATE: GDX opened strong, so the puts could have been covered for 0.05. If so, you can book a trading profit of $1,276 and buy yourself a good cigar.