SPDR S&P 500 ETF (SPY) 11/3/09 PriceWatch Alert With Support Around $101.94

Posted: Tuesday, November 03, 2009 8:45 AM EDT

SPDR S&P 500 ETF (PCX: SPY) closed yesterday at $104.32. So far SPY has hit a 52-week low of $67.10 and 52-week high of $110.31. SPY has been showing support around 101.94 and resistance in the 106.60 range. Technical indicators are Bearish. SPY appears on the Investors Observer Select ETF and HOLDR list. For a hedged play on this stock, look at a Dec '09 104 covered call (RDQ LZ) for a net debit in the $100.17 area. That is also the break even stock price for this trade. This covered call has a 58 day duration, provides 3.98% downside protection and a 3.82% assigned return rate for a 24.06% annualized return rate (comparison purposes only). [ATU-Seven Summits Research]

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