We’re long 800 shares with a cost basis of 14.27 against eight January 34 puts held for 0.77.  Offer twelve January 32 puts short for 46 cents, day order.  Our goal is to limit premium risk without negating our hedge. SLW’s last two swoons have not quite reached their Hidden Pivot targets, implying that sellers are running out of steam. _______ UPDATE:  Let’s try again today (Tuesday), since the put options we were trying to short traded no higher than 0.36 on a swoon at the opening.