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On Monday night I ran an ETF Covered Call Optimizer Report and the results were interesting. The highest returns writing covered calls on ETFs ended up being GDX (Gold Miners) for March 2007. Evidently, speculators and options traders think gold will continue to climb while the betting on oil (XLE) for March 2007 calls were fizzling despite the recent upswing in XLE from $51 to $55.

XLEvsGDX_Oct2006.gif

Meanwhile the Canadian Dollar has been slipping a bit from $1.12 to about $1.14. What’s my take on the whole thing?

gold_oil_canada.gif

I now feel oil will drop once we get past the winter season while inflation and gold will continue to climb back up. I would expect the federal reserve to continue raising rates. Of course much of this speculation is based on a report I ran today and a few things I’ve been reading on some news sites but I’ll re-run my optimizer on Friday after Options Expiry to see how things pan out.

If things hold the way they are currently going then I’ll be called on XLE 54 strike this Friday which would be a good thing so I’m not left holding the bag during my anticipated XLE drop.