We hold 300 shares with a cost basis of 42.01. After creating a nasty bearish impulse leg on the hourly chart on Monday, SLW has been playing toe-sies with a support line near 42.00 that goes back to late March. Since I don’t fancy doing nothing while the stock glowers menacingly at us, I’m going to suggest taking the offensive with a 2.35 bid for three June 40 puts, day order. My goal is to leg into a bearish “free” butterfly keyed to the 36 strike. This strategy is suitable only for those who are long stock, but I will continue to look for a great entry spot for newbies. It is not here, though, at these levels, since the question of up or down looks to me like a coin toss.