Sold SPY puts for 38% gain, holding FAZ

I didn't want to hold the SPY Mar (10 days to expiry) 75 puts over the weekend so I took the gain. My FAZ April 30 calls that I bought for 6.00 ended with a bid/ask of 9.70/10.00. I'm letting this one run. I would have held the SPY's but time decay was going to start being an issue and if it looks like the final down dive I'm expecting I'll just jump back in.

TBT and GLD calls haven't moved much. I think TBT's three point drop after the Fed announced it's buying our own Treasuries was an overreaction. These yields have to rise. My GLD calls are June 94's and with the world crapping on their currencies I expect this to continue to rise. I also think precious metals will rise as the market takes it's next fall.

After the next fall assuming it's a capitulation I will be looking to write out of the money puts like a madman. Until that time I think it's too dangerous to write puts and covered calls. That is why I haven't been an "option premium collector" lately. Well actually I have been on existing positions but I'm hard pressed to feel safe being bullish or even neutral on most issues to establish new positions.

So my experiment as an active option trader (buyer) continues. I'm making money but I'm also getting stopped out a lot. For those of you who are avid premium writers please don't lose faith in me. I'll return to the fold sooner or later. I'm just sowing some wild oats :)