Upon the first printed adverse daily candle. End of day.
GLD is just the chart the Monkey looks at as a proxy for the sector. Don't necessarily have to whack at that and its monster share price. But note the miners are nowhere near as bubble-ish. If gold goes down they do too, but nowhere near the way like you will see on an unsustainable chart like GLD.
Best way to short - probably straight short sell on IAU (IF you could get the shares) - which is of course basically the 1/10th as expensive GLD. Option spreads do not look great on IAU at any expiration (note that the September OR October 18 puts might not be a bad bet.)
Since you would not want the position on long, for GLD you could pick up the Sep strikes at 180, probably. 181 maybe if you wanted to be a little more conservative. Could have got the 180 at 5.45 at close today, but of course off an adverse candle they'd be a good bit more.
Note also the UNG is weakly putzing around at the level where it closed Thursday. Would like to see a decisive move further down before shorting that. Right now the September 10 strike puts look SUPER nice, though. Thought about grabbing those this afternoon as you could pick up a shit ton of them at a 2 cent spread. But no, need some more price action to put money in. ALWAYS, ALWAYS, ALWAYS - PRICE ACTION. THEN MONEY.
