We hold 300 shares with a 42.01 basis against three June 40 puts @ 2.35. Yes, Wednesday’s rally looked pretty good on paper, and we especially enjoyed it because we are net long the stock. But we should restrain our enthusiasm until such time as SLW exceeds a look-to-the-left peak at 44.23 that can be found on the five-minute chart (4/11). The 36.35 downside target is still valid in theory although hardly a threat at the moment.
