We hold the September 42/46/50 call butterfly spread four times for $1.04. You can take this position off at will for 2.10 or more, although the stock will need to pop above 43 or so to give us a fighting chance to double our money. Note in the accompanying chart that even if the stock is carving out a head-and-shoulders pattern, there’s still room for a pop into the mid-$40s before it tanks. The longer it merely goes sideways, though, the less threatening the pattern will become. _____ UPDATE (September 14): I’ll record a $416 trading loss just to get this stinker off the sheets. It could have been worse, since we legged into the first part of the position when the price of silver was freefalling.
