SLW – Silver Wheaton (Last:15.60)

We shorted eight March 17 calls for 0.40 when they traded as high as 0.43 on Friday.  They go against 800 shares of stock we hold for 12.15.  That cost basis is attributable in part to the $320 gain we booked on eight February 17 calls shorted a while back for 0.40. We’ll continue to build edge into this position one month at a time.  For now, though, do nothing further. _______ EXPIRATION UPDATEThe calls expired worthless, effectively lowering our cost basis to 11.75.  We’ll back off our covered-write program for now, since remuneration for shorting the 17 strike is currently half of what we’ve been getting.