I lowered the stop to 1.60 yesterday on our four August 23.63 calls (@ 1.85), but it proved unnecessary when GDXJ powered itself out of a hole with a promising $1.00 rally. As I explained in the chat room, my rationale for fiddling with the stop was that I did not want to be forced out of a good position just because the underlying was drifting lazily lower. In  fact, GDXJ would need to be under a full-blown attack before  options pros hit a 1.60 bid in the August 23.63 calls.  Still, it never hurts to play it safe. The result was that we remain long just as this vehicle has generated a promising impulse leg on the intraday charts. This is shown in the thumbnail inset, and as you can see, yesterday’s surge left only a small distance to  be covered for a third external peak to be surpassed on this run-up.  A fourth awaits at 23.81, and by then bulls will be able to sit back and relax. ______ UPDATE (3:48 p.m. EDT):  We took more profits when GDXJ rallied strongly today.  This allowed us to sell half of our calls for 2.25, as recommended here earlier. That means we are effectively carrying two calls (or multiple thereof)  with an effective cost basis of 1.45 apiece. No further action is advised at this time, although we may leg into some vertical spreads later to capture expiring premium.  April out-of-the-moneys are cheap enough today, however, that during today’s impromptu session online, I recommended buying April 25 calls for .015 or less, contingent on the stock trading 23.60 or higher. That’s a day order. [Let’s raise that to 23.70 for the rest of the day, since the hour is getting late.]  Click here for information about the upcoming Hidden Pivot Webinar and a $50 discount.