It turns out that I missed the SP's and not gold. We want to do bullish SP trades on weakness for now, not strength. We should get more chances today if we're patient.
Another trade to consider is buying puts on the JY. It briefly went into the sell zone, over 10800, a little while ago and should correct lower if stocks continue to recover. Implied volatility on Yen puts are 30% cheaper than the calls and bid/ offer spreads are more narrow.
Finally, on Gold: I would recommend calls on gold here but bid/spreads are so wide I don't know where fills would be. A long futures trade should develop there today eventually.
Posts
