UltraShort Basic Materials ProShares (SMN) PriceWatch Alert Shows Bearish Technicals
Posted: Thursday, August 20, 2009 8:02 AM EDT
By: Market Intelligence Center Staff
UltraShort Basic Materials ProShares (PCX: SMN) closed yesterday at $13.40. So far SMN has hit a 52-week low of $12.32 and 52-week high of $133.58. SMN has been showing support around 12.47 and resistance in the 14.77 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 11 covered call (NOU AK) for a net debit in the $10.10 area. That is also the break even stock price for this trade. This covered call has a 149 day duration, provides 24.63% downside protection and an 8.91% assigned return rate for a 21.83% 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 HERE: FREE (SMN) Stock ReportSee what our analysts have uncovered about (SMN).