UltraShort Basic Materials ProShares (SMN) PriceWatch Alert With Support Around $14.36
Posted: Monday, July 27, 2009 8:07 AM EDT
By: Market Intelligence Center Staff
UltraShort Basic Materials ProShares (PCX: SMN) ended the last trading session at $14.81. So far SMN has hit a 52-week low of $14.81 and 52-week high of $133.58. SMN has been showing support around 14.36 and resistance in the 15.72 range. Technical indicators are Bearish. SMN appears on the Investors Observer Select ETF and HOLDR list. For a hedged play on this stock, look at a Jan '10 12 covered call (NOU AL) for a net debit in the $10.91 area. That is also the break even stock price for this trade. This covered call has a 173 day duration, provides 26.33% downside protection and a 9.99% assigned return rate for a 21.08% 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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