UltraShort Technology ProShares (REW) 11/3/09 PriceWatch Alert Targets 16.99% Downside Protection

Posted: Tuesday, November 03, 2009 8:44 AM EDT

UltraShort Technology ProShares (PCX: REW) closed yesterday at $28.25. So far REW has hit a 52-week low of $25.49 and 52-week high of $160.95. REW has been showing support around 27.15 and resistance in the 29.45 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 Mar '10 25 covered call (REW CE) for a net debit in the $23.45 area. That is also the break even stock price for this trade. This covered call has a 137 day duration, provides 16.99% downside protection and a 6.61% assigned return rate for a 17.61% annualized return rate (comparison purposes only). [ATU-Seven Summits Research]

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