Some Traders Are Looking For A Pullback In The SPDR Gold ETF (NYSE:GLD)

“The rally in gold continues, but some option traders are looking to profit from a pullback in one key exchange-traded fund. The spot price of the precious metal has hit another new high this morning, and the SPDR Gold Shares (NYSE:GLD) fund broke through $129 for the first time. It is now trading at $128.85, up 0.73 percent on the day. That marks the fourth new high in four consecutive days.  We have seen a number of trades go off setting up for a potential pullback. Today fits in that category, but with a different tack,”   Chris McKhann Reports From Option Monster.

McKhann continues to say, “An out-of-the-money put calendar spread will profit if the (NYSE:GLD) falls, but within a given range of $125. A trader sold 15,500 of the October 125 puts for $0.40 and then bought 15,500 of the December 125 puts for $2.65. The volume at both strikes is above open interest. This trade will take a maximum profit if the (NYSE:GLD) falls to $125 through expiration.  The reason for selling the near-term calls may simply be to reduce the cost of the longer-term puts, with the idea of holding the long-term puts through expiration, which isn’t always the goal of a calendar spread.”

Here is a snapshot of the options activity below:

Put Options Expire at close Friday, October 15, 2010
Strike Symbol Last Chg Bid Ask Vol Open Int
60.00 GLD101016P00060000 0.01 0.00 N/A 0.03 0 147
63.00 GLD101016P00063000 0.03 0.00 N/A 0.03 0 200
64.00 GLD101016P00064000 0.03 0.00 N/A 0.03 0 228
65.00 GLD101016P00065000 0.03 0.00 N/A 0.03 0 200
66.00 GLD101016P00066000 0.03 0.00 N/A 0.03 0 86
67.00 GLD101016P00067000 0.03 0.00 N/A 0.02 0 140
68.00 GLD101016P00068000 0.03 0.00 N/A 0.02 0 98
69.00 GLD101016P00069000 0.04 0.00 N/A 0.02 0 194
71.00 GLD101016P00071000 0.03 0.00 N/A 0.02 0 104
72.00 GLD101016P00072000 0.03 0.00 N/A 0.02 0 126
73.00 GLD101016P00073000 0.04 0.00 N/A 0.02 0 70
74.00 GLD101016P00074000 0.04 0.00 N/A 0.02 0 30
76.00 GLD101016P00076000 0.04 0.00 N/A 0.02 0 89
77.00 GLD101016P00077000 0.04 0.00 N/A 0.02 0 19
78.00 GLD101016P00078000 0.02 0.00 N/A 0.02 0 78
79.00 GLD101016P00079000 0.05 0.00 N/A 0.02 0 39
80.00 GLD101016P00080000 0.02 0.00 N/A 0.02 0 160
81.00 GLD101016P00081000 0.04 0.00 N/A 0.02 0 228
82.00 GLD101016P00082000 0.03 0.00 N/A 0.02 0 332
84.00 GLD101016P00084000 0.04 0.00 N/A 0.02 0 1,133
85.00 GLD101016P00085000 0.04 0.00 N/A 0.02 0 762
87.00 GLD101016P00087000 0.03 0.00 N/A 0.02 0 1,309
88.00 GLD101016P00088000 0.02 0.00 N/A 0.02 0 502
90.00 GLD101016P00090000 0.04 0.00 N/A 0.02 0 935
91.00 GLD101016P00091000 0.02 0.00 N/A 0.02 0 253
92.00 GLD101016P00092000 0.04 0.00 N/A 0.02 0 332
93.00 GLD101016P00093000 0.04 0.00 N/A 0.02 0 412
94.00 GLD101016P00094000 0.03 0.00 N/A 0.02 0 637
95.00 GLD101016P00095000 0.02 0.00 0.01 0.02 0 1,335
96.00 GLD101016P00096000 0.07 0.00 N/A 0.02 0 1,804
97.00 GLD101016P00097000 0.04 0.00 N/A 0.02 0 669
98.00 GLD101016P00098000 0.09 0.00 N/A 0.03 0 372
99.00 GLD101016P00099000 0.03 0.00 N/A 0.03 0 845
100.00 GLD101016P00100000 0.04 0.00 N/A 0.03 20 7,006
101.00 GLD101016P00101000 0.01 0.00 N/A 0.03 0 302
103.00 GLD101016P00103000 0.04 0.00 N/A 0.03 0 1,153
104.00 GLD101016P00104000 0.02 0.00 N/A 0.03 10 908
105.00 GLD101016P00105000 0.02 0.00 N/A 0.03 20 28,191
106.00 GLD101016P00106000 0.02 0.00 0.02 0.03 242 1,199
109.00 GLD101016P00109000 0.02 0.00 N/A 0.03 8 2,152
110.00 GLD101016P00110000 0.02 Down 0.01 0.02 0.04 2 14,626
111.00 GLD101016P00111000 0.03 0.00 0.01 0.03 103 5,229
112.00 GLD101016P00112000 0.04 Up 0.02 0.02 0.03 1 18,499
113.00 GLD101016P00113000 0.03 Down 0.02 0.03 0.04 20 2,052
114.00 GLD101016P00114000 0.03 Down 0.01 0.02 0.05 10 7,251
115.00 GLD101016P00115000 0.04 0.00 0.04 0.05 25 21,428
116.00 GLD101016P00116000 0.06 Down 0.01 0.05 0.06 294 9,510
117.00 GLD101001P00117000 0.02 0.00 N/A 0.02 1 1
117.00 GLD101016P00117000 0.07 Down 0.01 0.05 0.07 602 6,582
118.00 GLD101016P00118000 0.07 Down 0.02 0.06 0.07 245 49,382
119.00 GLD101001P00119000 0.02 0.00 N/A 0.02 5 65
119.00 GLD101008P00119000 0.06 0.00 0.01 0.07 116 116
119.00 GLD101016P00119000 0.08 Down 0.03 0.07 0.08 69 8,341
120.00 GLD101001P00120000 0.02 0.00 N/A 0.02 1 152
120.00 GLD101008P00120000 0.08 0.00 0.01 0.07 10 10
120.00 GLD101016P00120000 0.10 Down 0.03 0.09 0.10 144 44,484
121.00 GLD101001P00121000 0.02 Up 0.01 N/A 0.02 1 169
121.00 GLD101008P00121000 0.05 Down 0.07 0.02 0.08 20 10
121.00 GLD101016P00121000 0.12 Down 0.06 0.11 0.12 312 18,334
122.00 GLD101001P00122000 0.01 Down 0.04 N/A 0.02 1 239
123.00 GLD101001P00123000 0.03 0.00 N/A 0.02 171 605
123.00 GLD101008P00123000 0.16 0.00 0.05 0.11 20 20
123.00 GLD101016P00123000 0.22 Down 0.09 0.21 0.23 1,755 15,398
124.00 GLD101001P00124000 0.02 0.00 N/A 0.02 2,027 2,923
124.00 GLD101016P00124000 0.31 Down 0.13 0.31 0.32 1,034 21,481
125.00 GLD101001P00125000 0.01 Down 0.02 N/A 0.01 15 4,574
125.00 GLD101008P00125000 0.17 Down 0.13 0.17 0.20 90 210
125.00 GLD101016P00125000 0.44 Down 0.17 0.44 0.45 16,707 13,354
126.00 GLD101001P00126000 0.01 Down 0.05 N/A 0.01 154 19,758
126.00 GLD101008P00126000 0.31 Down 0.15 0.28 0.31 142 178
126.00 GLD101016P00126000 0.64 Down 0.23 0.64 0.65 2,554 19,775
127.00 GLD101001P00127000 0.01 Down 0.18 N/A 0.01 1,177 8,603
127.00 GLD101008P00127000 0.51 Down 0.28 0.48 0.51 745 286
128.00 GLD101008P00128000 0.82 Down 0.39 0.80 0.85 543 196
128.00 GLD101016P00128000 1.29 Down 0.39 1.28 1.30 6,594 6,721
129.00 GLD101001P00129000 0.50 Down 1.08 0.45 0.50 1,340 480
129.00 GLD101008P00129000 1.27 Down 0.52 1.27 1.33 927 28
129.00 GLD101016P00129000 1.76 Down 0.49 1.76 1.77 5,155 1,518
130.00 GLD101001P00130000 1.32 Down 0.79 1.42 1.47 595 274
130.00 GLD101008P00130000 1.89 Down 0.62 1.89 1.97 45 24
130.00 GLD101016P00130000 2.41 Down 0.49 2.35 2.36 524 942
131.00 GLD101001P00131000 2.28 Down 1.17 2.38 2.45 6 77
131.00 GLD101008P00131000 2.55 Down 0.74 2.66 2.77 3 1
131.00 GLD101016P00131000 3.05 Down 0.65 3.00 3.10 230 247
132.00 GLD101001P00132000 3.30 Down 1.15 3.35 3.45 7 45
132.00 GLD101008P00132000 3.30 Down 1.05 3.50 3.70 10 11
132.00 GLD101016P00132000 3.75 Down 0.60 3.80 3.90 70 116
133.00 GLD101001P00133000 5.45 0.00 4.35 4.45 15 74
133.00 GLD101016P00133000 4.40 Down 1.25 4.65 4.75 31 114
134.00 GLD101016P00134000 7.35 0.00 5.55 5.65 25 57
135.00 GLD101008P00135000 8.20 0.00 6.35 6.55 32 16
135.00 GLD101016P00135000 7.75 0.00 6.55 6.65 2 52
136.00 GLD101016P00136000 8.15 0.00 7.45 7.60 11 91
137.00 GLD101016P00137000 8.35 Down 1.60 8.40 8.60 1 121
139.00 GLD101016P00139000 11.10 0.00 10.35 10.55 26 51
140.00 GLD101016P00140000 12.33 0.00 11.35 11.55 10 83
141.00 GLD101016P00141000 14.15 0.00 12.35 12.55 18 5
142.00 GLD101016P00142000 26.40 0.00 13.25 13.55 0 5
143.00 GLD101016P00143000 27.25 0.00 14.25 14.55 0 5
144.00 GLD101016P00144000 28.10 0.00 15.25 15.55 0 5
Put Options Expire at close Friday, December 17, 2010
Strike Symbol Last Chg Bid Ask Vol Open Int
55.00 GLD101218P00055000 0.05 0.00 N/A 0.06 0 2,199
56.00 GLD101218P00056000 0.07 0.00 N/A 0.06 0 359
57.00 GLD101218P00057000 0.06 0.00 N/A 0.06 0 115
58.00 GLD101218P00058000 0.08 0.00 N/A 0.06 0 47
59.00 GLD101218P00059000 0.09 0.00 N/A 0.06 0 174
60.00 GLD101218P00060000 0.07 0.00 N/A 0.06 0 734
62.00 GLD101218P00062000 0.04 0.00 N/A 0.07 0 319
63.00 GLD101218P00063000 0.03 0.00 N/A 0.07 0 380
64.00 GLD101218P00064000 0.03 0.00 N/A 0.07 0 561
65.00 GLD101218P00065000 0.05 0.00 N/A 0.07 0 1,841
66.00 GLD101218P00066000 0.04 0.00 N/A 0.07 0 643
67.00 GLD101218P00067000 0.05 0.00 N/A 0.07 0 1,393
68.00 GLD101218P00068000 0.05 0.00 N/A 0.07 0 421
69.00 GLD101218P00069000 0.06 0.00 N/A 0.07 0 804
70.00 GLD101218P00070000 0.05 0.00 N/A 0.07 10 1,094
71.00 GLD101218P00071000 0.07 0.00 N/A 0.07 0 433
72.00 GLD101218P00072000 0.07 0.00 N/A 0.07 0 380
73.00 GLD101218P00073000 0.08 0.00 N/A 0.07 0 212
74.00 GLD101218P00074000 0.08 0.00 N/A 0.07 0 379
75.00 GLD101218P00075000 0.07 0.00 N/A 0.07 4 650
76.00 GLD101218P00076000 0.12 0.00 N/A 0.07 0 432
77.00 GLD101218P00077000 0.10 0.00 N/A 0.07 0 232
78.00 GLD101218P00078000 0.11 0.00 N/A 0.07 0 468
79.00 GLD101218P00079000 0.12 0.00 N/A 0.07 0 504
80.00 GLD101218P00080000 0.04 0.00 N/A 0.07 2 6,659
81.00 GLD101218P00081000 0.07 0.00 N/A 0.08 0 1,146
82.00 GLD101218P00082000 0.07 0.00 0.01 0.08 0 489
83.00 GLD101218P00083000 0.05 0.00 0.01 0.08 24 453
84.00 GLD101218P00084000 0.07 0.00 0.01 0.08 0 347
85.00 GLD101218P00085000 0.06 0.00 0.02 0.09 50 6,049
85.00 GLD101231P00085000 0.25 0.00 0.04 0.14 0 243
86.00 GLD101218P00086000 0.06 0.00 0.03 0.10 5 518
87.00 GLD101218P00087000 0.10 0.00 0.03 0.12 0 654
88.00 GLD101218P00088000 0.06 0.00 0.04 0.13 0 2,469
89.00 GLD101218P00089000 0.09 0.00 0.05 0.13 45 694
90.00 GLD101218P00090000 0.10 0.00 0.05 0.13 160 7,364
91.00 GLD101218P00091000 0.09 0.00 0.06 0.14 19 1,348
92.00 GLD101218P00092000 0.08 0.00 0.06 0.14 10 2,150
93.00 GLD101218P00093000 0.10 0.00 0.07 0.15 60 1,887
94.00 GLD101218P00094000 0.16 0.00 0.08 0.16 0 904
95.00 GLD101218P00095000 0.12 0.00 0.08 0.16 6 9,974
95.00 GLD101231P00095000 0.10 0.00 0.12 0.18 10 145
96.00 GLD101218P00096000 0.12 0.00 0.09 0.17 17 1,497
97.00 GLD101218P00097000 0.13 0.00 0.10 0.17 17 2,626
98.00 GLD101218P00098000 0.14 0.00 0.11 0.18 16 1,634
99.00 GLD101218P00099000 0.15 0.00 0.12 0.19 6 1,459
100.00 GLD101218P00100000 0.14 Down 0.04 0.14 0.18 5 34,654
101.00 GLD101218P00101000 0.15 0.00 0.13 0.21 5 1,733
102.00 GLD101218P00102000 0.20 0.00 0.15 0.21 42 2,181
103.00 GLD101218P00103000 0.20 0.00 0.16 0.23 40 1,070
104.00 GLD101218P00104000 0.20 0.00 0.17 0.23 4 1,867
105.00 GLD101218P00105000 0.23 0.00 0.19 0.24 13 8,456
106.00 GLD101218P00106000 0.28 0.00 0.20 0.26 20 5,010
107.00 GLD101218P00107000 0.30 0.00 0.22 0.29 2 3,464
108.00 GLD101218P00108000 0.25 Down 0.10 0.25 0.32 5 21,371
108.00 GLD101231P00108000 1.65 0.00 0.34 0.41 0 167
109.00 GLD101218P00109000 0.36 0.00 0.28 0.35 21 1,819
109.00 GLD101231P00109000 2.16 0.00 0.39 0.46 0 113
110.00 GLD101218P00110000 0.37 Down 0.05 0.35 0.39 15 12,369
110.00 GLD101231P00110000 0.53 0.00 0.45 0.51 24 580
111.00 GLD101218P00111000 0.43 Down 0.02 0.38 0.42 10 6,492
111.00 GLD101231P00111000 0.96 0.00 0.49 0.57 0 993
112.00 GLD101218P00112000 0.58 0.00 0.44 0.46 30 6,358
112.00 GLD101231P00112000 0.90 0.00 0.56 0.64 5 358
113.00 GLD101218P00113000 0.50 Down 0.17 0.50 0.52 28 4,894
113.00 GLD101231P00113000 1.11 0.00 0.64 0.70 0 239
114.00 GLD101218P00114000 0.58 Down 0.11 0.56 0.59 10 2,962
114.00 GLD101231P00114000 0.91 0.00 0.70 0.78 5 362
115.00 GLD101218P00115000 0.65 Down 0.13 0.65 0.68 31 48,901
115.00 GLD101231P00115000 1.23 0.00 0.84 0.89 33 556
116.00 GLD101218P00116000 0.75 Down 0.22 0.75 0.77 1 9,877
116.00 GLD101231P00116000 1.05 0.00 0.96 1.01 5 133
117.00 GLD101218P00117000 0.87 Down 0.12 0.86 0.89 256 19,043
117.00 GLD101231P00117000 1.24 0.00 1.09 1.15 1 184
118.00 GLD101218P00118000 0.99 Down 0.21 0.98 1.02 87 17,958
118.00 GLD101231P00118000 1.42 0.00 1.24 1.31 10 106
119.00 GLD101218P00119000 1.14 Down 0.24 1.14 1.18 82 4,078
119.00 GLD101231P00119000 1.57 0.00 1.43 1.49 27 336
120.00 GLD101218P00120000 1.30 Down 0.23 1.32 1.36 399 14,234
120.00 GLD101231P00120000 2.08 0.00 1.64 1.70 3 2,767
121.00 GLD101218P00121000 1.55 Down 0.36 1.54 1.57 126 6,426
121.00 GLD101231P00121000 2.10 0.00 1.87 1.94 8 603
122.00 GLD101218P00122000 1.78 Down 0.26 1.77 1.81 102 3,092
122.00 GLD101231P00122000 2.36 0.00 2.13 2.21 31 107
123.00 GLD101218P00123000 2.05 Down 0.25 2.05 2.09 68 2,912
123.00 GLD101231P00123000 2.67 0.00 2.43 2.51 57 71
124.00 GLD101218P00124000 2.34 Down 0.31 2.36 2.41 17 1,553
124.00 GLD101231P00124000 3.14 0.00 2.76 2.84 10 287
125.00 GLD101218P00125000 2.68 Down 0.37 2.72 2.76 15,717 6,272
125.00 GLD101231P00125000 3.50 0.00 3.10 3.20 2 168
126.00 GLD101218P00126000 3.05 Down 0.50 3.05 3.20 135 2,001
126.00 GLD101231P00126000 4.00 0.00 3.50 3.65 1 27
127.00 GLD101218P00127000 3.40 Down 0.60 3.50 3.60 30 1,197
127.00 GLD101231P00127000 4.00 Down 0.40 3.95 4.05 10 65
128.00 GLD101218P00128000 3.95 Down 0.55 4.00 4.10 110 1,841
128.00 GLD101231P00128000 4.80 0.00 4.40 4.55 6 6
129.00 GLD101218P00129000 4.45 Down 0.65 4.50 4.60 1 751
129.00 GLD101231P00129000 5.40 0.00 4.95 5.05 10 70
130.00 GLD101218P00130000 4.95 Down 0.55 5.05 5.15 27 1,180
130.00 GLD101231P00130000 6.15 0.00 5.50 5.60 96 207
131.00 GLD101218P00131000 5.60 Down 0.70 5.65 5.75 10 94
132.00 GLD101218P00132000 6.85 0.00 6.25 6.40 4 35
133.00 GLD101218P00133000 7.90 0.00 6.90 7.05 14 51
134.00 GLD101218P00134000 9.20 0.00 7.65 7.75 10 200
135.00 GLD101218P00135000 14.60 0.00 8.35 8.50 0 65
136.00 GLD101218P00136000 17.80 0.00 9.05 9.30 0 10
138.00 GLD101218P00138000 18.86 0.00 10.65 10.90 0 2
139.00 GLD101218P00139000 15.35 0.00 11.45 11.75 0 46
140.00 GLD101218P00140000 14.65 0.00 12.30 12.60 1 369
140.00 GLD101231P00140000 24.25 0.00 12.65 12.90 0 6
142.00 GLD101218P00142000 25.20 0.00 14.15 14.35 0 10
144.00 GLD101218P00144000 29.00 0.00 15.95 16.20 0 10
147.00 GLD101218P00147000 29.75 0.00 18.75 19.00 0 10
149.00 GLD101218P00149000 33.10 0.00 20.65 20.90 0 18
150.00 GLD101218P00150000 30.72 0.00 21.60 21.85 0 72
151.00 GLD101218P00151000 35.55 0.00 22.50 22.80 0 13
152.00 GLD101218P00152000 24.70 0.00 23.55 23.80 100 100
155.00 GLD101218P00155000 35.80 0.00 26.45 26.70 0 1
160.00 GLD101218P00160000 54.50 0.00 31.40 31.65 0 10

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