SLW is headed higher, potentially on a rampage in December to 41.65/42.37, but because a lesser Hidden Pivot resistance at 37.41 could temporarily chill the rally, we’ll leave our defensive call spread untouched. To put it out of mind as well, let’s adjust the cost basis of the 800 shares of stock we own upward to 14.27, giving us a paper profit of $18,000 on the position. We needn’t worry about exiting the spread either, since exercise and assignment will cancel each other out if SLW is trading above 30 at expiration.  We should also plan to short eight December 30 puts if the stock falls after touching 37.41, since that would add nothing to our risk above 25. Let’s be ready now with a g-t-c offer:  eight Dec 30 puts  @ 0.27. (They closed yesterday @ 0.11.) _______ UPDATE (December 6):  The stock has continued relentlessly higher without pulling back, so we never had an opportunity to short the puts. A small matter, though, since, at a current price of 40.56, the theoretical gain on our position is about $21,000.