Option Investor
Newsletter

Daily Newsletter, Tuesday, 12/10/2013

Table of Contents

  1. Market Wrap
  2. New Option Plays
  3. In Play Updates and Reviews

Market Wrap

Tax Loss Selling Or More Taper Trembling

by James Brown

Click here to email James Brown

The U.S. stock market ended a two-day bounce with widespread declines on Tuesday. Fortunately losses were mild. Overall it was a relatively quiet session without any major economic news. A few market pundits blamed today's weakness on tax-loss selling before the yearend. Others felt that stocks could be reacting to a small but growing camp of analysts who suspect that the Federal Reserve might announce a taper to their QE program at next week's FOMC meeting.

By the closing bell the S&P 500, Dow Industrials, and NASDAQ composite were all down about -0.3%. Yet the small cap Russell 2000 index underperformed with a -0.89% decline. Precious metals managed a bounce with the GLD gold ETF up +1.75% and the SLV silver ETF up +2.8% thanks to the U.S. dollar falling to a new six-week low.

Volcker Rule Vote

One of Wall Street's biggest stories today was the vote on the Volcker Rule. The rule is named after former Federal Reserve Chairman Paul Volcker. This piece of legislation was part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which passed into law back in 2010. The rule is supposed to limit activities for U.S. banks with limits on what sort of hedging they can do, limits on what sort of risky investments they can participate in, and the probably the most controversial part of the rule is an outright ban on any proprietary trading.

Five U.S. regulating bodies (The Federal Reserve, the FDIC, the SEC, the CFTC, and the OCC) all voted on the Volcker Rule today and it passed. The current version does have several exceptions and will slowly be phased into effect over the next two years. There has been plenty of debate over the Volcker Rule. The big banks believe the rule is too strict while the anti-bank crowd thinks the rule is too lenient. You can bet we'll be hearing about the Volcker Rule again.

A December Taper?

A major theme today was speculation that the Federal Reserve might announce some sort of taper to their $85 billion a month QE program at its next FOMC meeting on December 18th (next week). The idea here is that the recent string of better than expected jobs reports and the positive, albeit bumpy, trend in economic data is suggesting the U.S. recovery is finally self sustaining. There does seem to be a growing camp of analysts suggesting that the Fed could taper in December. This speculation could be sapping the stock market's strength.

I've heard a number of analysts suggest that a taper is already baked into the market. That is possible. Investors have been hearing about the potential for the Fed to taper for months and months. Odds are that stocks could still see a knee jerk reaction sell off when the Fed does announce, especially if they announce in December. Most people are expecting the Fed to announce a taper at their March 2014 FOMC meeting. That would allow Janet Yellen to assume her position as the next Fed chairman. Plus, waiting until March would avoid any potential turmoil the U.S. debt ceiling debate could cause in February.

The bond market certainly doesn't seem to be alarmed about any potential Fed taper in December or the bond market does not think there is a high chance it will happen. Today saw the U.S. bond market continue to bounce with the yield on the 10-year note falling to 2.797%. If bond investors really thought the Fed would taper next week then bonds should be falling (and yields rising). Of course everyone knows the Fed will taper their QE program eventually so maybe the bond market has also priced in the taper whether it's announced in December, January, or March.

U.S. Budget Deal

One of the best news stories out today was a budget deal in Washington. After the market's closing bell it was announced that House Budget Committee Chairman Paul Ryan and Senate Budget Committee Chairman Patty Murray had agreed on a two-year U.S. budget deal. This has been in negotiation for weeks and honestly many doubted a deal would get done before the Friday, December 13th deadline.

In the true spirit of compromise no one was happy. Republicans felt it didn't do enough to cut spending and address the U.S. debt. Democrats felt the deal didn't address taxes and corporate loopholes. What this deal does do is remove the annual sequestration cuts to both defense spending and entitlement programs. House leader Boehner and Senate leader Reid both felt that the new budget has a good shot at getting passed. Congress will vote on it before Friday and their Christmas recess. The Senate will vote on it next week. Lack of a U.S. budget deal was a potential black cloud for the stock market and tonight's headlines could be bullish for tomorrow's market. It is worth noting that tonight's budget deal does not settle the fight over the U.S. debt ceiling and its February 2014 deadline.

Stock Headlines

In corporate news General Motors (GM) was making headlines. Yesterday the company announced that the U.S. government had finally sold off the remainder of its equity stake in the company. During the 2007-2008 financial crisis the U.S. government provided a $50 billion bailout for GM, which gave the U.S. a 60% stake in the company. Five years later the U.S. sold the last of its stock for a $10 billion loss. Today's big headline for GM was news that CEO Dan Akerson is retiring next month and Mary Barra will replace him. Barra has been working for GM for years as an engineer. Today's announcement makes Mary the first female CEO of any of the big three U.S. automakers in history.

Another story you will likely hear about tomorrow is MasterCard Inc.'s (MA) stock split. After the closing bell tonight MA announced that its Board of Directors had approved a 10-for-1 stock split and an +83% increase in its dividend to $1.10 a share. The stock closed at $763.61 a share today and was trading up to $800 a share in after hours. The stock split will take effect on January 9th, 2014. Post-split the new dividend will equal 11 cents a share.

Major Indices:

The S&P 500 lost 5.75 points and ended a two-day bounce. It looks like the large-cap index is stalling at resistance near its recent highs in the 1810-1813 zone. If this pullback continues the 1780 level should be support.

chart of the S&P 500 index:

The NASDAQ composite only lost -0.2% and looks the strongest of the major market indices. Should this pullback continue we can look for potential support at its 10-dma at 4046 (not likely to hold) or the 4,000 level. A breakdown below 4,000 might portend a drop toward its simple 50-dma.

chart of the NASDAQ Composite index:

The small cap Russell 2000 index delivered the worst performance among the major indices with a -0.89% decline. The $RUT settled near what should be short-term support in the 1120 area. If this dip continues then we're likely to see the $RUT test one of its rising trend lines of higher lows, mostly likely near the 1100 level.

chart of the Russell 2000 index


We only have fourteen trading days left in 2013. Typically the second half of December tends to be positive for stocks. Fund managers have had a terrible year and most are trailing behind the S&P 500's +26% gain for the year. That means there should be a crowd of money waiting to buy the dips as money managers chase stocks higher. I am encouraged by tonight's news that we have a two-year U.S. budget deal that should pass a vote in both the congress and the senate. This removes a potential overhang for the stock market.


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New Option Plays

Utilities

by James Brown

Click here to email James Brown


NEW DIRECTIONAL CALL PLAYS

ITC holdings - ITC - close: 93.30 change: +1.23

Stop Loss: 90.95
Target(s): 98.50
Current Option Gain/Loss: Unopened
Time Frame: four to six weeks.
New Positions: Yes, see below

Company Description

Why We Like It:
ITC is in the electric utilities industry. The stock looks interesting given its long-term trend of higher lows (see weekly chart below). Investors clearly bought the stock at support and now it's bouncing. Shares displayed relative strength today with a +1.3% gain.

The company did make headlines today after Mississippi regulators rejected Entergy's plan to spin off its electricity transmission business and sell it to ITC. The vote was 3-0 against the $1.78 billion deal. The regulators claimed that this deal would take authority to set power rates away from Mississippi state regulators. The news came out during the day and failed to have any negative impact on ITC stock. Shares actually closed at their high for the day, sitting just below technical resistance at its 100-dma.

You will notice that ITC can be a volatile stock. I could not find any explanation for the gap down on November 13th. Therefore I am suggesting small bullish positions to limit our risk. It's also worth noting that the $96.00 area and its simple 50-dma (also near $96) could be overhead resistance.

Use a trigger to buy calls at $93.50. If triggered our target is $98.50.

Trigger @ 93.50 *small positions*

- Suggested Positions -

buy the 2014 Feb $95 call (ITC1422B95) current ask $3.30

Annotated Chart:

Weekly Chart:

Entry on December -- at $---.--
Average Daily Volume = 419 thousand
Listed on December 10, 2013



In Play Updates and Reviews

Bounce Already Fading

by James Brown

Click here to email James Brown

Editor's Note:

The stock market's recent bounce is already fading. Is it tax-loss selling before the end of the year or has the rally run out of gas? Overall the pullback was pretty mild.

NUS hit our entry trigger. GLD was stopped out.


Current Portfolio:


CALL Play Updates

Allergan, Inc. - AGN - close: 97.41 change: -0.63

Stop Loss: 94.95
Target(s): 102.50
Current Option Gain/Loss: -30.0%
Time Frame: Exit prior to January option expiration
New Positions: see below

Comments:
12/10/13: Shares of AGN are slowly drifting lower. I've been cautioning readers that the stock could see a "fill the gap" move and that would mean a dip back toward the $96.50-96.75 area. Nimble traders might want to consider waiting for a dip to launch new positions.

Our multi-week target is $102.50. More aggressive traders could aim higher. The Point & Figure chart for AGN is bullish with a $110 target.

- Suggested Positions -

Long 2014 Jan $100 call (AGN1418a100) entry $2.00

12/06/13 triggered on gap higher at $98.02, suggested trigger was $97.00

Entry on December 06 at $98.02
Average Daily Volume = 1.9 million
Listed on December 05, 2013


Aon Plc. - AON - close: 83.07 change: +0.17

Stop Loss: 80.75
Target(s): 85.00
Current Option Gain/Loss: +26.4%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
12/10/13: AON gapped down this morning but traders almost immediately bought the dip. The stock rallied sharply this afternoon to close up +0.2%, outperforming the broader market. I am not suggesting new positions at this time.

- Suggested Positions -

Long 2014 Jan $82.50 call (AON1418a82.5) entry $1.70

12/07/13 new stop loss @ 80.75
11/23/13 new stop loss @ 79.85
11/18/13 new stop loss @ 79.45
11/13/13 new stop loss @ 78.75

Entry on November 08 at $80.50
Average Daily Volume = 2.3 million
Listed on November 06, 2013


The Walt Disney Co. - DIS - close: 71.57 change: +0.46

Stop Loss: 68.95
Target(s): 77.50
Current Option Gain/Loss: +25.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
12/10/13: DIS also rallied off its weak opening print this morning. Shares outperformed the market with a +0.6% gain and another new all-time high.

Our multi-week target is $77.50. More aggressive investors could aim higher. The Point & Figure chart for DIS is bullish with an $83 target.

- Suggested Positions -

Long 2014 Jan $70 call (DIS1418a70) entry $1.66

12/07/13 new stop loss @ 68.95
11/30/13 new stop loss @ 68.45
11/26/13 new stop loss @ 67.95

Entry on November 22 at $70.25
Average Daily Volume = 6.6 million
Listed on November 14, 2013


Illumina Inc. - ILMN - close: 99.97 change: -1.36

Stop Loss: 97.75
Target(s): 109.00
Current Option Gain/Loss: Unopened
Time Frame: Exit PRIOR to 2014 January option expiration
New Positions: Yes, see below

Comments:
12/10/13: ILMN did not see any follow through on yesterday's breakout to new highs. The market's widespread pullback today pulled ILMN down to its simple 10-dma before bouncing. More aggressive traders may want to use today's afternoon rebound as a new bullish entry point. I am suggesting the rest of us to wait for a new high. Use a trigger to buy calls at $102.00.

Earlier Comments:
Further gains could spark some short covering since the most recent data listed short interest at 26% of the 125 million-share float.

Today's high was $101.80. I am suggesting a trigger at $102.00 to buy calls. If triggered our target is $109.00. More aggressive traders may want to aim higher since the point & figure chart is bullish with a $146 target. P&F chart readers will also notice that ILMN is about to produce a new triple-top breakout buy signal.

NOTE: Biotech stocks can be volatile and the wrong headline could send shares gapping lower. Investors may want to limit their position size.

Trigger @ 102.00

- Suggested Positions -

buy the 2014 Jan $105 call (ILMN1418a105)

Entry on December -- at $---.--
Average Daily Volume = 931 thousand
Listed on December 09, 2013


Russell 2000 ETF - IWM - close: 111.43 change: -1.02

Stop Loss: 109.95
Target(s): 116.00
Current Option Gain/Loss: -27.8%
Time Frame: exit prior to January option expiration
New Positions: see below

Comments:
12/10/13: The market's widespread decline today ended with the IWM losing -0.9%. Shares look poised to retest the $110.50-110.00 zone. I would wait for a bounce before considering new positions.

- Suggested Positions -

Long 2014 Jan $112 call (IWM1418a112) entry $2.62

12/06/13 trade opened on gap higher at $112.62, suggested trigger was $112.55

Entry on December 06 at $112.62
Average Daily Volume = 40.6 million
Listed on December 04, 2013


Michael Kors - KORS - close: 81.81 change: +1.20

Stop Loss: 78.49
Target(s): 89.00
Current Option Gain/Loss: -13.5%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
12/10/13: KORS displayed relative strength again for the second day in a row. Shares outperformed the broader market with a +1.48% gain. The next challenge could be short-term resistance near the $83.00 level.

- Suggested Positions -

Long 2014 Jan $85 call (KORS1418a85) entry $1.85

12/07/13 new stop loss @ 78.49, readers may want to consider an early exit right here
11/22/13 trigger hit at $81.05
11/21/13 adjust entry strategy. Instead of buying a dip at $76.50, move the entry trigger to $81.05. Adjust the stop loss to $77.75. Adjust the option strike to 2014 Jan. $85 call.

Entry on November 22 at $81.05
Average Daily Volume = 7.2 million
Listed on November 20, 2013


Nike Inc. - NKE - close: 79.22 change: -0.56

Stop Loss: 78.45
Target(s): 84.75
Current Option Gain/Loss: - 22.0%
Time Frame: Exit PRIOR to earnings on Dec. 19th
New Positions: see below

Comments:
12/10/13: NKE slowly drifted lower on Tuesday. Unfortunately shares underperformed the major indices with a -0.7% decline. The past two months have seen NKE bounce at its rising 20-dma, which is currently at $78.80. Nimble traders could buy calls on a dip or a bounce near this level. Otherwise it might pay off to wait for a new rally past $80.30 before initiating positions.

Earlier Comments:
This is a short-term trade. NKE is due to report earnings on December 19th and we do not want to hold over the announcement. Plan to exit prior to the report.

FYI: NKE will begin trading ex-dividend on December 12th. The quarterly cash dividend should be 24 cents.

- Suggested Positions -

Long 2014 Jan $80 call (NKE1418a80) entry $2.59

Entry on December 09 at $80.25
Average Daily Volume = 2.6 million
Listed on December 07, 2013


Nu Skin Enterprises - NUS - close: 129.55 change: -1.97

Stop Loss: 127.40
Target(s): 139.50
Current Option Gain/Loss: - 25.0%
Time Frame: Exit PRIOR to January expiration
New Positions: see below

Comments:
12/10/13: NUS opened at $131.01 this morning. Yet in moments NUS had spiked up to the $131.75 mark. The rally only last a few seconds and NUS fell back into the $129-131 zone. Our suggested entry point to buy calls just happened to be $131.75 so our play is open. If you're looking for an entry point now then nimble traders may want to buy calls on a dip near the simple 10-dma at $128.50. Otherwise I am suggesting readers wait for a new relative high above $131.75 to initiate positions.

Earlier Comments:
More conservative traders might want to wait for NUS to trade above the recent December high at $132.67 as an alternative entry point. Our target is $139.50 but more aggressive traders could aim a lot higher. The Point & Figure chart for NUS is bullish with a $167 target.

- Suggested Positions -

Long 2014 Jan $135 call (NUS1418a135) entry $4.80*
*option entry price is an estimate since the option did not trade at the time our play was opened.

Entry on December 10 at $131.75
Average Daily Volume = 1.1 million
Listed on December 09, 2013


QUALCOMM Inc. - QCOM - close: 73.38 change: +0.01

Stop Loss: 71.75
Target(s): 79.50
Current Option Gain/Loss: Unopened
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
12/10/13: QCOM bounced from short-term support near $73.00 again and essentially closed unchanged on the session. It sounded like after the closing bell tonight that Citigroup initiated coverage on QCOM with a "buy" rating. The stock could see strength tomorrow morning in reaction to this "upgrade".

Earlier Comments:
Currently QCOM has been consolidating sideways and actually weathered the market's recent five-day decline pretty well. Shares are now poised to breakout past resistance at $74.00. I am suggesting a trigger to buy calls at $74.25. If triggered our target is $79.50. More aggressive traders may want to aim higher since the Point & Figure chart for QCOM is bullish with a $93 target.

FYI: Don't forget that QCOM does significant amount of business with Apple (AAPL) and if AAPL has any bad headlines it could impact QCOM shares.

Trigger @ 74.25

- Suggested Positions -

Buy the 2014 Jan $75 call (QCOM1418a75)

- or -

Buy the 2014 Feb $75 call (QCOM1422b75)

Entry on December -- at $---.--
Average Daily Volume = 11.5 million
Listed on December 07, 2013


Constellation Brands Inc. - STZ - close: 70.98 change: +0.37

Stop Loss: 69.40
Target(s): 74.75
Current Option Gain/Loss: - 5.7%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
12/10/13: STZ bounced off its morning spike lower but shares continue to struggle with resistance near the $71.30-71.40 area. I am not suggesting new positions at this time.

Earlier Comments:
Our plan was to limit our risk by using small positions.

*small positions* - Suggested Positions -

Long 2014 Jan $72.50 call (STZ1418a72.5) entry $1.75

12/03/13 new stop loss at $69.40

Entry on November 25 at $70.55
Average Daily Volume = 1.3 million
Listed on November 23, 2013



Universal Health Services - UHS - close: 83.12 change: +0.12

Stop Loss: 81.45
Target(s): 88.50
Current Option Gain/Loss: -40.1%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
12/10/13: UHS managed to display a little bit of strength today with a +0.14% gain versus the market's widespread decline. The stock is not seeing a lot of follow through on any rally attempts. That is making me more cautious. Tonight we are raising the stop loss to $81.45.

NOTE: The option spread on UHS suddenly widened today with a bid/ask at $1.00/1.60. A spread that wide really isn't tradable. If you're looking for an entry point then consider using a limit order with a price inside the spread (there is no guarantee you'll get filled).

- Suggested Positions -

Long 2014 Jan $85 call (UHS1418a85) entry $1.67*

12/10/13 new stop loss @ 81.45
12/06/13 triggered at $83.60
*option entry price is an estimate since the option did not trade at the time our play was opened.

Entry on December 06 at $83.60
Average Daily Volume = 912 thousand
Listed on December 03, 2013


United Parcel Service - UPS - close: 101.73 change: -0.61

Stop Loss: 99.75
Target(s): 108.00
Current Option Gain/Loss: -35.7%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
12/10/13: UPS slipped back toward its simple 20-dma with a -0.59% decline. That was slightly better than the transportation average's -0.72% drop. More conservative traders may want to raise their stop loss closer to last week's low near $100.75. I am not suggesting new positions at this time.

- Suggested Positions -

Long 2014 Jan $105 call (UPS1418a105) entry $0.98

11/23/13 new stop loss @ 99.75
11/20/13 new stop loss @ 98.95

Entry on November 14 at $101.25
Average Daily Volume = 3.8 million
Listed on November 13, 2013




PUT Play Updates

Intl. Business Machines - IBM - close: 177.12 change: -0.34

Stop Loss: 178.65
Target(s): 170.25
Current Option Gain/Loss: -11.1%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
12/10/13: Shares of IBM are not really moving much this week. Shares appear to be drifting sideways below short-term resistance at the $178.00 level. I am not suggesting new positions at this time.

Earlier Comments:
Our target is $170.25, a new lower low. However, more conservative traders may want to exit near the October lows near $172.50 since they could be potential support.

- Suggested Positions -

Long 2014 Jan $175 PUT (IBM1418m175) entry $3.15

12/09/13 new stop loss @ 178.65

Entry on December 03 at $176.90
Average Daily Volume = 5.1 million
Listed on December 02, 2013


The St. Joe Company - JOE - close: 17.61 change: -0.37

Stop Loss: n/a *use small positions*
Target(s): $11.00-13.00 range
Current Option Gain/Loss: -51.9%
Time Frame: 2 to 3 months
New Positions: see below

Comments:
12/10/13: Shares of JOE gave up -2.0% today. That was enough to almost erase yesterday's bounce. Traders might want to wait for a new relative low before initiating new positions.

We do not currently have a stop loss but you may want to add a stop in the $18.50-19.00 area.

Remember, this is a lottery ticket style of trade.

I don't see any changes from JOE's new play description.

Earlier Comments:
I do consider this an aggressive, higher-risk trade. Not everyone agrees with Einhorn. There are some big names in the stock on the bullish side. Plus, there are so many bears that any good news can produce these massive spikes higher. The most recent data listed short interest at 35% of the 92.1 million share float.

I am going to label this one a lottery ticket trade. We'll buy a cheap, out of the money option. If JOE continues to sink like we expect it to then great! We expect to more than double our money. If not, then we did not have that much invested. We definitely want to limit our position size to reduce our risk. I am not listing a stop loss because shares of JOE can be so volatile.

Our long-term target is $11.00 although we'll seriously consider exiting near the 2011 lows around $13.00.

*Small Positions* - Suggested Positions -

Long 2014 March $15 PUT (JOE1422o15) entry $0.52

Entry on November 25 at $17.50
Average Daily Volume = 627 thousand
Listed on November 23, 2013


Kansas City Southern - KSU - close: 119.03 change: -0.85

Stop Loss: 120.50
Target(s): 114.00
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
12/10/13: Tuesday proved to be a bit of a volatile session for shares of KSU. The stock rallied up to its 30-dma this morning (a +1.8% gain) and then reversed to give back all of its gains and more. The stock closed on its low for the day, which does not bode well for tomorrow morning. More aggressive traders may want to use today's intraday bearish reversal as a new entry point to buy puts now.

I am suggesting a trigger to buy puts at $117.75. If triggered our target is $114.00. More aggressive traders may want to aim lower for the simple 200-dma instead.

Trigger @ 117.75

- Suggested Positions -

buy the 2014 Jan $115 PUT (KSU1418m115)

Entry on December -- at $---.--
Average Daily Volume = 486 thousand
Listed on December 07, 2013



Longer-Term Play Updates



Vanguard FTSE Europe ETF - VGK - close: 56.41 change: -0.19

Stop Loss: 54.90
Target(s): Sell half @ $58.00, sell the rest at $63.00
Current Option Gain/Loss: +33.3%
Time Frame: exit PRIOR to 2014 March option expiration
New Positions: see below

Comments:
12/10/13: It was another relatively quiet session for the VGK. I am not suggesting new positions at this time.

Earlier Comments:
Don't forget that we have two exit targets for this trade!

We are taking a multi-month time frame with this trade. FYI: The Point & Figure chart for VGK is bullish with a $63 target.

- Suggested Positions -

Long 2014 Mar $55 call (VGK1422C55) entry $1.80*

11/30/13 new stop loss @ 54.90
10/22/13 Strategy Update: Plan to exit half @ $58.00 and exit the rest at $63.00. New stop loss @ 53.90
10/19/13 new stop loss @ 52.75
09/11/13 trade opens. VGK @ 53.60
*option entry @ 1.80 is an estimate. Ask closed at $1.75 yesterday
09/10/13 entry trigger met. open positions tomorrow.
09/10/13 new stop loss @ 50.95
08/24/13 adjust the option strike from 2013 Dec $55 to $2014 Mar $55.

Entry on September 11 at $---.--
Average Daily Volume = 3.0 million
Listed on August 10, 2013


CLOSED BEARISH PLAYS

SPDR Gold ETF - GLD - close: 121.82 change: +2.10

Stop Loss: 121.25
Target(s): 115.50
Current Option Gain/Loss: -53.3%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/10/13: Our GLD put play has been stopped out with the ETF's gap open higher at $122.14. Our stop loss was $121.25. Odds are that today's pop in gold was a reaction to another down day in the U.S. dollar. It would appear that the traditional relationship of weaker dollar/stronger gold has reasserted itself.

Earlier Comments:
Traders may want to limit their position size to limit risk.

- Suggested Positions -

2014 Jan $115 PUT (GLD1418m115) entry $1.80 exit $0.84 (-53.3%)

12/10/13 stopped out on gap open higher at $122.14
12/05/13 new stop loss @ 121.25
11/30/13 new stop loss @ 122.55

chart:

Entry on November 20 at $121.00
Average Daily Volume = 7.0 million
Listed on November 12, 2013