GDX – Gold Miners ETF (Last:41.30)

We hold the June 43-45 call spread for 0.55, although our best opportunity to unload it for a gain may have come and gone when GDX topped last week at 45.10 after a two-week run-up from 35.7.  Let’s shoot for a modest gain on the exit, offering the spread for 0.60, g-t-c.  That price is out of range at the moment, but it would become easier to fill if the stock moves higher this week.  It would be a lay-up to simply close out the 43 strike first on any strength, leaving the 45 naked-short, but we don’t work that way, since not all subscribers’ accounts are enabled for such allegedly risky transactions. ______ UPDATE: GDX rallied on the opening, pushing the spread up to 0.65 (i.e., at the same time the June 43 calls were peaking at 1.15, the June 45 calls we are short could have been covered for 0.50, their intraday high.  A fill at 0.60 was easily possible, so I’ll record this one as a scratched trade — in and out with no loss after commissions.