I guess I go waist deep, lol. Whenever I bottom-fish a sector, I start with selling slightly out of the money puts (short expiry for the best bang for the buck). Because of the premiums, if I'm wrong, I'm less wrong. Right now options premiums are lousy, but it's still better than just buying the stocks. I've already collected premiums on expired puts: GDX - March 15 & 22, & SLW March 22.

Once my confidence improves, I buy select stocks and sell slightly in the money puts to take advantage of a move up - I added ANV, SLW, GDX, GG, FNV today. If we get more pullback, I will add to my positions.

If I'm wrong and this was just a blip, I'll get out, but for now I like the sector.