Silver Wheaton (SLW), a Vancouver-based silver miner, is down 2 cents to $8.79, even after silver (July) finished up 8.5 cents to $14.09 Friday (down 11 cents on the week.) In the options market, SLW volume is running 2X the usual. 15,000 calls and 905 puts traded on the session. The top trades of the day: 4000 July – Sept $10 call spreads bought for 55 cents. This so-called “calendar” or “time spread” is possibly a position adjustment (closing July to open September) or possibly a new position.

Either way, it seems to reflect the view a neutral view on the miner (and silver) over the next few weeks, and a bullish view from July to September. That is, SLW might stay below $10 through July expiration (3 weeks) and then move higher from that point forward.