NaughtyPines

GLD NEARING .50 FIB BETWEEN 5/18 HIGH AND 7/24 LOW

AMEX:GLD   SPDR GOLD TRUST GOLD SHARES NPV
With GLD at or near the .50 between the 5/18 high and the 7/24 low and with a fair amount of short-term volatility , a premium play may be afoot.

A possible setup: a November 27th 101.5/104.5/117/120 Iron Condor, the stats for which are as follows:

71% POP
Max Profit: $60/Contract
Buying Power Effect: $240
Break-Evens: 103.90/117.60

Notes: I would note that the 52-week ThinkOrSwim IVR for GLD is currently pegged at a paltry 21, but on shorter time frames, the IVR is higher (69 for 6-Month Dough IVR ). I could naturally wait until a higher IVR , but want to put on the setup with price currently where it's at, which allows breathing room to the up and down sides.
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