When we picked up the SLV September 20 put on July 1, it traded at just 60 cents. These now trade at 90 cents. We knew the ETF was over-extended at historical resistance, where it failed and pulled back. Instead of risking this gain to a potential bounce, we’re recommending that you sell to close these puts for solid gains today.
We’re holding all other positions, too, including the GoPro (GPRO) October 38 put.
Last week, we took gains of up to 43% and 82% on the GPRO October 43 call after an analyst appeared on CNBC, foolishly making an argument for $60. Laughably, the herd actually rushed into the stock before the underlying stock crumbled about $10 a share.
We’re now watching GPRO sink even further as folks realize a camera stock should not carry a $5.9 billion valuation.
We’re working on new trades as we speak.