UltraShort Basic Materials ProShares (SMN) PriceWatch Alert Technicals Showing Bearish

Posted: Friday, July 31, 2009 8:07 AM EDT

UltraShort Basic Materials ProShares (PCX: SMN) closed yesterday at $14.70. So far SMN has hit a 52-week low of $14.42 and 52-week high of $133.58. SMN has been showing support around 13.98 and resistance in the 15.58 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 $11.10 area. That is also the break even stock price for this trade. This covered call has a 169 day duration, provides 24.49% downside protection and an 8.11% assigned return rate for a 17.51% 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]

Click Symbol For More News On: (SMN)