We hold two June 40 calls with a 1.17 cost basis after imputing to them a partial profit taken on two more at 1.37.  Use a 1.17 stop-loss for the two that remain (or multiple thereof), but make the order one-cancels-the-other with an offer to short two June 42 calls for 1.47, good-till-canceled.  If successful, we’ll hold two vertical spreads for a net credit of $30 each.  In theory, that means the worst we could do on the trade after commissions is make about $40; and the best, if SLW is trading above 40 come June expiration, is make $460. The stock’s immediate fate is not predictable, at least by me, but it’ll need to hit 36.41 for bulls to regain control. Otherwise, SLW will remain vulnerable to more slippage down to as low as 33.44. ______ UPDATE (2:29 p.m. EST):  Lower the short offer for two June 42 calls (or multiple thereof)  to 1.17 or better, good through Friday.  Would you like to learn how we use the ‘camouflage’ trading technique to significantly reduce entry risk? Click here for details.