UltraShort Basic Materials ProShares (SMN) 10/22/09 PriceWatch Alert Up To 16.87% Downside Protection
Posted: Thursday, October 22, 2009 8:11 AM EDT
By: Market Intelligence Center Staff
UltraShort Basic Materials ProShares (PCX: SMN) closed yesterday at $9.78. So far SMN has hit a 52-week low of $9.29 and 52-week high of $133.58. SMN has been showing support around 9.14 and resistance in the 10.10 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 an Apr '10 9 covered call (NOU DI) for a net debit in the $8.13 area. That is also the break even stock price for this trade. This covered call has a 177 day duration, provides 16.87% downside protection and a 10.70% assigned return rate for a 22.07% annualized return rate (comparison purposes only). [THA-Seven Summits Research]
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