SPX (SPW) 11/3/09 PriceWatch Alert Support Down To $51.15

Posted: Tuesday, November 03, 2009 8:22 AM EDT

SPX (NYSE: SPW) closed yesterday at $53.35. So far the stock has hit a 52-week low of $25.45 and 52-week high of $65.23. SPX stock has been showing support around 51.15 and resistance in the 55.55 range. Technical indicators for the stock are Bearish and S&P gives SPW a neutral 3 STAR (out of 5) hold rating. SPW appears on the Investors Observer Momentum Plays list. For a hedged play on this stock, look at a Jan '10 50 covered call (SPW AJ) for a net debit in the $47.75 area. That is also the break even stock price for this trade. This covered call has a 74 day duration, provides 10.50% downside protection and a 4.71% assigned return rate for a 23.24% annualized return rate (comparison purposes only). SPX has a current annual dividend yield of 1.81%. [ATU-Seven Summits Research]

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