The bullish DailyPlay for Thursday, October 15th is the Gold ETF (GLD). GLD has experienced a 3.4% decline over the past month after pulling back to an area of support and bouncing higher on dollar weakness.
- High IV Rank (35%) provides more premium received for credit spread trade.
- GLD is the one of the most liquid ETFs
- Vertical Credit Spreads collects over 37% of the width
- Pullback to an area of support and bounced higher with strong momentum
- Both 1M turned from bearish to neutral yesterday.
- Weak relative strength, technical score (3 out of 10) provides an attractive long opportunity.