We hold 300 shares with an effective cost basis of 42.01 that was reduced by earlier profit-taking. My current target is 50.22, and because the stock gapped through the 46.15 midpoint resistance associated with that target, we’ll let our paper profits run for now with no stop-loss. On the off-chance that SLW swoons, and for the benefit of those who have not yet established a position, bid 44.58 for 400 shares. _______ UPDATE: Cancel the order. It was a non-starter because SLW has lurched higher. _______ FURTHER UPDATE (10:11 a.m. EDT): The stock has been socked for a 10 percent loss and moments ago created a bearish impulse leg of daily-chart degree by falling below 422.07. Hang on, since we weren’t aboard just for a trade and knew corrections were bound to be vicious and violent. If the perfect buying opportunity should develop, I will signal it for newbies.
