We shorted four June 10 calls on Friday’s opening for 0.80 (off a 0.70 limit!), effectively legging into the September 10-June 10 calendar spread for a 0.10 credit. Although we cannot lose money on this position, it has the potential to produce a gain of as much as $520 or so if SLW is trading close to the $10 strike when the June calls expire on the 19th. Now let’s see if we can build in a little more edge, bidding 0.25 for four July 12.5 calls (SLWGV), day order.
