We hold a long-term position of 800 shares with an adjusted cost basis of 12.95. Although I’d intimated that a resumption of our covered-write strategy would be appropriate when the stock pushed above 20, option premiums are a bit lean at the moment, and so we should wait for a possible thrust above June’s key high at 21.89 before we act. Even if SLW is unsuccessful on the first or second try, put and call prices are likely to get a boost merely from the effort. From a Hidden Pivot standpoint, the stock looks like it’s entitled to at least 21.36 (a Hidden Pivot off the daily chart, where A=17.88 on 7/28) before serious resistance encroaches. The midpoint associated with that number is 20.21, and therefore a logical place to try bottom-fishing with a camouflage strategy. ______ UPDATE:  The rally made it to 21.36 but got a little wheezy just above that pivot. Obviously, the stock is taking the measure of June’s key high at 21.89, so we’ll need to be patient. Although SLW’s approach so far may lack for boldness, it is at least game.