We’ve been playing cat-and-mouse with Silver Wheaton, trying to get long on weakness rather than on strength.  Let’s bid 0.60 today for four September 10 calls (SLWIB), contingent on the stock trading 7.60 or higher. If SLW slips below that price lower the bid for the calls to 0.55 and leave it there for the rest of the day. Judging from the way the bids and offers have been mutating intraday, the calls seem to have a following. Seasoned traders undoubtedly covet the series because once Sep 10 calls are acquired, it’s possible to sell other call options short against them without taking much risk.  The accompanying graph shows a potential bottoming formation for the Sep 10s near 0.60. It’s possible to buy and sell options using ABC target calculations just as we do with the underlying stock.  FYI, the stock could fall to as low as 7.44 if it breaches a midpoint support at 7.66 that has  held so far. _______ UPDATE (1:40 p.m.): SLW opened on a gap well away from our bid, having gone only a penny below the midpoint support.  If we are to catch a ride on this stock, it may need to be by way of an intraday entry and “camouflaged” opportunity.