UltraShort Technology ProShares (REW) PriceWatch Alert Bearish Price Movement

Posted: Monday, July 06, 2009 8:07 AM EDT

UltraShort Technology ProShares (PCX: REW) closed yesterday at $40.98. So far REW has hit a 52-week low of $38.45 and 52-week high of $160.95. REW has been showing support around 39.73 and resistance in the 41.81 range. Technical indicators are Bearish. REW appears on the Investors Observer Select ETF and HOLDR list. For a hedged play on this stock, look at a Sep '09 40 covered call (REW IH) for a net debit in the $37.48 area. That is also the break even stock price for this trade. This covered call has a 75 day duration, provides 8.54% downside protection and a 6.72% assigned return rate for a 32.72% annualized return rate (comparison purposes only). [For more information on these strategies along with more details on possible risks go to www.iotogo.com/HPWAinfo]

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