May 2010 Trades

I opened two new trades for May 2010.

May 2010 SPY 124/125  Bear Call Spread for a 15% ROI

and

May 2010 GLD 106/107 Bull Put Spread for a 17% ROI

April 2010 Results

This month ended up being a tough one as the GLD trade went the opposite way I was expecting. I had to purchase back my puts and decided to roll the calls over to May 2010. The whole trade cost me around $5000.

The SPY trade expired successfully with a ROI of 13% for around $700.

My account is currently down to ~ $10,640.

GLD

GLD continued its break out nicely today. My May Calls are helping bring back losses from the original spread trade that went wrong. I will be watching closely to see when the moment stops and will look sell off my calls when this happens.

GLD trade

The GLD trade for April 2010 went completely wrong and I had to close out my spread trade and take losses. I decided to do something a little different and leave 12 of the April 2010 calls open. I then decided to roll those 12 Calls to May 2010. I'm hoping that the GLD breakout of 110 will continue for the next week or so and I might be able to recover my losses.