Time to Cover and New Trades – Gold, S&P, C, British Pound and The Euro

Time to take some profit off the table – It is time to cover the SPY puts – I will do this today after we watch the market a bit.  I know with this much selling pressure we could end up going lower, but I am more than satisfied with the current profit on the SPY 22MAY10 119 puts; besides today is the day they expire and I do not want to own them as a short.  I’m also going to cover the Gold (GLD) puts and look to buy June calls at this level.  I see major support for GLD just above 114 and the technical’s look like you want to be long from here – although I expect volatility.  I am also looking at a couple of new potential trades in the British Pound (love currencies, always have), C or Citibank and possibly the Euro – look at the charts and tell me what you see – more on those later.