SLW – Silver Wheaton (Last:8.41)

We legged into the September 10-July 10 calendar spread a while back at such a great price (a 0.60 CREDIT per spread!)  that even when the stock fell 35% from recent highs near $11, we still had a lock on a minimum $240 paper profit. Since the four July calls we are short are expiring on Friday, let’s roll the spread once again, buying (i.e., covering) the Julys while shorting four August 10 calls (SLWHB) — all for a net credit of 0.30.  On this gambit you can take a leg if you want, first buying back the Julys for 0.05 — the lowest price possible for a retail customer (professionals can buy them for 0.01 “in the cabinet”).