We hold four September 42 calls @ 1.32 and four September 50 calls @ 0.26 that will turn into a risk-free bullish butterfly spread if and when we are able to short eight September 46 calls for 0.79 or better.  Continue to offer the calls good-till-canceled, since a short-squeeze opening could cause them to fill at our price or even higher.  FYI, the rally from Friday’s low has the potential to hit 41.13 (daily, A=34.54, B=40.24) if the stock closes for two consecutive days above 38.28, a Midpoint Pivot.  For your interest, I’ve used Larry McMillan’s option calculator (see inset) to determine approximately how much the stock would have to sell for in order for the September 46 calls to be trading at our short-offer price of 0.79.  The fact that the calls were selling for around 0.45 yesterday with SLW at 37.45 gives them an implied volatility of 50.8.  If you plug that volatility into the calculator and run the stock at 39.35, it yields a theoretical value of 0.79 for the calls. In practice, however, if the stock takes a few days to climb to 39.35, call volatility would likely diminish, requiring SLW to somewhat exceed 39.35 to get our option order filled.