We are going to get some protection from the double top on GDX @ 54. You can also see a huge wedge forming in the daily chart from which the break will be decivisive. With the stochastic above 80 and the 50 dma merging with the 100 dma I am taking no chances. Since the bottom of the wedge is @ 42 we will sell one March 2008 covered call for the 42 dollar strike price.
Sell to open 1 contract GDXCP @ 6.50
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