iShares Silver Fund (SLV) is up 50 cents to $15.43 after silver (July) gained an impressive 45 cents to $15.61. In the options market, one strategist appears to be looking for additional upside in silver and bought the Jan 2010 14 – 19 (3X4) ratio spread 75000X and also sold 100,000 SLV January 2010 13 puts. All traded electronically on the ISE and the total package seems to reflect the view that the exchange-traded fund will continue to shine during the second half of 2009 (but not significantly higher than $19 per share.)