The SPDR Gold Shares exchange-traded fund is jumping again today, but one option trader sees limited upside for the rest of the year.
The GLD is up 1.25 percent to $159.11. This is the highest level in a month for the fund, which has bounced off long-term support around $150. It was up at $174 in late February.
The fund is seeing plenty of option activity today as usual, but one trade stands out in particular on optionMONSTER's tracking systems. A trader sold 5,000 December 167 calls for $8.20 in volume that was almost 10 times the open interest.
These options may have been sold naked, but they were more likely traded against long shares in a covered call position. In either case the trader sees the $167 level as a ceiling of sorts and will give up any upside above it. (See our Education section)
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