I previously had a position in the Global Silver Miners ETF (SIL). I sold it in the last week of March for 28.75. It proceeded to go higher, up to 31.34. That always happens when I sell something.
I just bought SIL back for 28.45 and sold a few May 30 strike calls for 0.67, for a total debit of 27.78.
My reasoning, to guide me in the future:
SIL pulled back almost 10% after hitting the trendline. Now it seems to have bounced off previous resistance levels (now support) around 28.
This is half my intended position. It looks like there's some support around 25 and 24. If SIL falls to around 24, I'll buy the other half, or sell puts for an extra cushion.
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