The market may have been selling off last week, but it didn’t stop gold miners from catching a bid.  In fact, VanEck Gold Miners ETF (GDX) was up over 7% one day last week when one of its major component companies posted better than expected earnings.  GDX traded over 300,000 options that day, with 76% calls.  A couple of the larger trades that day were bullish call spreads.  These positions make money if GDX goes up to certain point by March expiration, but cost less than buying straight calls.