RIG and GLD
As the market heads for its weekend break, things are relatively quiet. Some margin concerns with earnings from Wells Fargo has dampened the bullish mood a bit but the bears are still left with very little to be excited about. Earnings releases will start to pick up next week and the market will have some more actionable news.
From a trading standpoint I am only holding RIG puts. My puts do not reflect a bearish mood on the market but rather a technical play on picking a top. RIG is up 25% in the last weeks and will likely go higher in the coming months. My play is to try to take advantage of a $2 pullback today or Monday. So far, RIG is flat today. It has not had much of a trading range and I will hold it over the weekend. I do not plan another entry into the weekend. The most compelling thing to me is to buy puts on GLD but I think a better entry and more clarity may be had early next week. Have a great weekend!