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GLD and SLV - Time for profits?

|Includes: SPDR Gold Trust ETF (GLD), SLV

Okay as you know on my stock talks I sold my GLD Oct $125 calls for $3.25 per. Bought them at $1.73 per so have net profit of $1.52 per option. Why did I sell? Several reasons actually, China PMI tonight,China and Europe tomorrow. China because of the increasing trade tensions and possibility of trade war brewing with China. Europe because sovereign debt is not over just hidden. The Euro has had a huge  up move and the US Dollar has been trashed time for a retracement on both.. Think we will now also have a small retracement in precious metals complex. Do I think these retracements will last very long ? Probably not, but long enough to take nice profits to the bank.

My price targets for GLD for the short run $126.11, $124.16 and maybe, just maybe down to the 50 day MA approximately $120.50. For SLV my price targets are $20.73, $20.02 and maybe down to 50 day MA at $18.88. This down retracement will be very short lived and traders must be prepared to turn on a dime so to speak.

I have bought SLV Oct $21.00 puts @ .35 cents per and GLD Oct $125 puts @.69 cents per. STOPs are as Follows for GLD put stop @ $128.50 and for SLV put stop @ $23.35.

Disclosure: Long GLD Oct $125 puts and Long SLV Oct $21.00 puts

Disclosure: Long GLD Oct $125 Puts and Long SLV Oct $21.00 Puts