Friday, October 22, 2010

Watching GOLD for an entry

Randgold Resources has been hit pretty hard on the gold/miner retracement.  At the time of this post it has held the 61.8% trendline.  I am going to scale in at this level (if it holds today) with December calls, the 105's.  I will pay for them with the November 85/90 put spread.

My trade is in, Calls at $1.30 debit and sold Puts at $1.00. Net $.30 debit.  I am out if it breaks the upper rising trendline.

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