August options expire tomorrow and we expect our GLD iron condor to expire worthless.
GLD Position Update
GLD closed at $156.56 on Thursday â€“ the August expiration iron condor is approx. $2,200 in the black
The July 17th Couch Potato published an August expiration GLD call spread
We prefer to let the call spread expire worthless for an approx. $1,000 gain. However, if prices gap higher tomorrow then we need to play it safe and buy back the short $160 strike call contracts. (see tables below)
The July 17th Couch Potato published an August expiration GLD put spread
We also plan on letting the put spread worthless for an approx. $1,200 gain. However, if gold prices crash tomorrow then we need to buy back the short $148 strike put contracts. (see tables below)
As mentioned above, the August expiration option contracts expire tomorrow and we expect the GLD call and put contracts to expire worthless.
Couch Potato Trader Disclaimer
All results reported in this section are hypothetical. While the numbers represented here may have been achieved or beaten by our readers, we make no representation that any individual investor achieved these exact results. The tracking for the plays listed in this section uses closing prices for the day the newsletter is published and it is not meant to imply that any reader actually received those prices (though many often do) or participated in these recommendations (even though many do). The portfolio represented here is hypothetical and for investment education purposes only. It is only an illustration of what type of gains a knowledgeable trader might receive utilizing these strategies. If you don't get close to these results, guess what. It isn't the fault of the strategies.