We’re offering eight December 45 calls short for 0.78, the price we paid earlier for a like number of December 40 calls.  If we get our price it will leave us with eight vertical bull spreads that could produce a $500 profit each with no possibility of a loss. The stock appeared bound for 35.93 yesterday when it stalled in heavy chop.  That’s the midpoint resistance of the pattern shown, but if it’s exceeded bulls would be telegraphing more upside to at least 36.55, its ‘D’ sibling.  I estimate that it will take a bit more than that — 36.90, based on a theoretical model — to get us filled on the short Dec 45s. _______ UPDATE (10:26 a.m. EDT):  This morning’s zesty pop brought SLW to within four cents of our 36.55 target, so a consolidation would be appropriate. Options volatility took a beating as a result of the rally, and it would now appear that the stock will need to hit 37.60 to get us short Dec 45 calls @ 0.78.  Promisingly, the first major resistance lies at 37.86 in the form of a trendline on the weekly chart that picks up two price points: last September’s  42.50 high, and a subsequent peak in March at 40.36.  _______UPDATE (September 13, 1:14 p.m. EDT):  The SLW Dec 45 calls traded moments ago for 0.78 as QE3 news spiked the stock to a so-far high of 37.67. Subscribers who followed my advice should now hold a $5 vertical bull spread eight times that will yield a profit of $4000 if SLW rises to $45 or higher come December. There is no possibility of a loss on this position, even if the stock were to fall to zero.