Tuesday, February 1, 2011

SLW- Breaking out

I bought 20 March SLW calls last Wednesday on that reversal candle, and now SLW has broken through the 20 EMA, late in the day.  My view is it is ready for the move to new highs, but I expect a test of the 20 EM, or even down to the $32.05 area.  For that I sold 20 Feb 35 calls for a little protection, and will close them above the 50 EMA in the $33.42 area on a closing basis.  I'll cancel the trade at a piercing of the $30.37 pivot on a closing basis.

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