Purchased some July NEM 40 calls a few minutes ago. Not a lot of money in this trade either. We are at the short-term uptrend line and the contract is at its low. Looking for a bounce or if the line doesn't hold, get out. Sounds great in theory doesn't it? Gold was up $3 today and as of now the XAU and NEM are both down a little. Actually NEM is down around 60 cents to the support at $38. This should be a short-term trade with only 2 weeks to go on these things and being a couple bucks out of the money. Perhaps traders will be looking to buy some gold before the long holiday weekend. Or not. I'll return here after the close. Market down triple digits at the moment.