Kelly: Covered GLD, USO, Bought S&P Puts

Includes: GLD, SPY, USO
by: Thomas Kelly

Friday morning I decided to cover my (NYSEARCA:GLD) and (NYSEARCA:USO) positions at $87.73 and $71.65 respectively. They’ve continued to hold up pretty well despite the selling in equities, and that has me wondering whether they might not have another run higher next week.

Additionally, I used the strong open this morning to by a sizable position in Feb (NYSEARCA:SPY) 130 puts at a premium of $2.35. So far my entry point appears to have been pretty good, and I want to hold these puts for the time being as I continue to believe we are in a downtrend that will last until the VIX comes up above 30.

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