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Gold (GLD ) Credit Bull-Put Spread Case Study

I will try to see if can repair a credit Bull-Put spread I had in (NYSEARCA:GLD). I will list the date and trade values. I will make it a live trade i.e I will post the real results as we go. This is third attempt at such a strategy and my first publicly published one.

Date activity quantity description amount
8/26/2016 GLD 117 Put Oct. 21 10 Buy to open - $422
8/26/2016 Gld 121 Put Oct. 21 10 Sell to open $1053
9/06/2016 GLD 121 Put Oct. 21 10 Buy to close - $502
9/06/2016 GLD 123 Put Oct 21 10 Sell to open $853

As of today's market close, GLD is $ 120.97.

GLD 123 short Put is valued at $ 2660 ( a loss of $ 1807 as of the last transaction or $ 1256 since the start of the position in August ).

GLD 117 Long Put is valued at $ 300 ( loss of $ 122 ).

What are my options? no pun intended

First , I will wait and see. If GLD still trends down then my long Put position ( 117 ) is likely will become profitable, I will roll it down and out to the next month for a credit.

Secondly, I will roll the GLD 123 short put position to next month for a loss ( hopefully a temporary one ).

Thirdly, will try to build a strategy around this GLD 123 short put, but which one and how ?

Update, October 20:

On October 12 the following adjustments were made

GLD Oct 21 $ 117 Put Sold to close 10 contracts $ 503
GLD Nov 4 $ 116 Put Bought to open 10 contracts -$ 681
GLD Oct 21 $ 123 Put Bought to close 10 contracts -$ 3721
GLD Nov 4 $ 123 Put Sold to open 10 contracts $ 4043

As of today, the November 11 $ 123 put is valued at $ 2660 with a calculated delta of 670

Disclosure: I am/we are long GLD.

Additional disclosure: I am long GLD via options