FB – Facebook (Last:22.57)

We hold 12 March 30 calls bought for 0.50. Bid 0.25 for 12 more calls on the opening, but reduce it to 0.20, day order, if you’re not filled within 10 minutes. My gut feeling is that the selloff from October 24’s bull-trap opening is as overdone as the bull-trap short-squeeze was, having reduced the stock’s price by 25%.  Concerning the short-term picture, at this point ‘structural’ supports at 18.80 (10/19) and 17.55 (9/4) will probably be more useful than Hidden Pivots in assessing the likely extent of any further weakness. ______ UPDATE (8:11 p.m. EST):  Traders were advised to buy 12 more calls for 0.25, and now our cost basis is 0.38 for the bunch. Thereafter, the stock lifted off structural support that lay outside the realm of Hidden Pivotry.  The rally projects to 20.86 (15m, A=18.87, B=19.97, C=19.76; see inset), subject to midpoint resistance at 20.31. If that pivot is easily exceeded, 20.86 should be in-the-bag. Meanwhile, ya gotta like the way the stock pushed easily past a bunch of minor ‘externals’. _______ UPDATE (November 14, 10:00 p.m. EST): With the broad averages cascading yesterday, Silver Wheaton was a pleasurable anomaly — up more than 12% in the space of just a few hours. It is making further headway in after-hours trading, suggesting that DaBoyz know something we didn’t even need to know when we jumped on the March 30 calls. Since we shouldn’t look this gift horse in the mouth, and because rare is the day when holders of call premium experience more than two or three consecutive days of anything approaching delight, I’ll recommend offering 24 March 33 calls short for 0.50, good-till-canceled. I’ll let you work the numbers just so you can see how lovely it will be for us if we can lock in a $3 vertical 24 times for a small credit. You can learn how to do this stuff yourself, and it’s easier than you might think.  For detailed information concerning the Hidden Pivot Method and the upcoming January webinar, click here.