Trade Updates: GDX and TCK

I panicked on Tuesday when GDX was down again, and bought to close my 2 GDX Jul 35 puts for $1.45. From now on I will clearly be setting exit criteria for trades here on the blog. I realize now that if I had set some even moderate criteria, that these 2 puts would be good money makers for me now as GDX has rallied up to 39.99 at end of close today. The lack of an exit strategy caused me to get emotional when GDX was down and to take the loss. Literally 20 minutes after I closed the trade, GDX began it's rally, brutal.

I thought TCK was lagging it's peer group in losses lately, so I bought to open 2 TCK Aug 12.5 puts for $1.00 on Tuesday as well. TCK has also rallied, putting me in the hole as both Crude and Gold have bounced.

Seems like Gold is now bound for $1,000/oz, and I'll look for a low risk entry with some more puts, and possibly a call.