NaughtyPines
Long

GDX (GOLD MINERS ETF) -- A GOOD PLACE TO ADD/INITIATE LONG HERE

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
With gold             hovering just north of 1250, having lost a good deal of luster to pesky Greenback strength, this is possibly a good place to add into current bullish gold             positions and/or initiate one here.*

22 and change, after all, appears to be fairly long-term support for GDX             , so I would look to add bullish positions via naked short puts or short put verticals at the 21 strike or below (the Dec 16th 21 pays .80/contract). The alternative is to wait to see if /GC 1250 holds up here or gives up the ghost on the increased probability of a Dec rate hike or the currently increased likelihood that the US Presidential election result will be in Clinton's favor, which is generally viewed as market bullish/risk off.

* -- I'm currently in a GDX             covered call with a per share cost basis around 24/share and really only want to add position if it dramatically improves that cost basis. Not sure whether being put shares at 21 would do that, so I may thumb twiddle to see if we get something around 17.50. You never know, really ... .
Comment: As an alternative to playing GDX, there are a wide variety of smaller, individual gold miners such as ABX, AUY, HL, etc. that are cheaper to put on.
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