SLW – Silver Wheaton (Last:33.88)

We are long 800 shares @ 14.91 against eight February 33 calls shorted for 1.94.  Do nothing for now, since the calls won’t even begin to hurt us unless the stock rallies above 35.  We can only hope to experience that kind of pain! ______ UPDATE (10:07 p.m. EST):  Using a one-cancels-other order, buy eight February 36 calls if the futures trade either 33.48 or higher;  or 34.48 or lower. The lower number is a ‘D’ correction target and probably as cheap as the stock might get today.  However, a print at the higher number would indicate a bullish breakout, and we don’t want the stock to run away from us.