Options Oracle: 08/27/13


Barrick Gold has reached a point of resistance, which was a short-term target area for us. You can also see that there is a bearish engulfing pattern that has showed up on higher volume. This tells us the sellers are moving in to take profits. My first thought was to sell at-the-money calls against the long leap position and turn this into a diagonal calendar spread but the bearish candle changed my mind. It’s hard to turn down a 66.6% profit in just two months, so I think it’s best to take our money and run with this one.

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About AJ Monte

As a premier trading consultant, AJ is one of the most sought after in his field. He teaches professionals specialized techniques on how to accumulate and protect wealth through innovative market techniques. TheMarke__404+

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