SLW – Silver Wheaton (Last:10.80)

We don’t have to chase the July 12.50 calls, since the position we have on already — long four September 10-June 10 calendar spreads for a 0.10 CREDIT — is all but certain to produce a profit if planet Earth survives till June expiration.  However, just to fatten our odds, I’ll recommend bidding 0.30 for four July 12.50 calls today and leaving the bid in for the entire session. Concerning the stock, yesterday’s tedious dither looked like consolidation for a push to 11.08 the nearest Hidden Pivot above — a minor one to be sure. ______ UPDATE: We bought four July 12.5 calls @ 0.30. Sit tight for now.  If you play with the numbers, you’ll see that nickels and dimes lost on the July calls  if SLW  slips back toward  the $10 strike would be recouped tenfold via a gain in the value of our calender spread. Eventually, we’ll want to short four June 12.50 calls for 0,20 or more to complete the hedge and further fatten our potential profit.