iShares Russell Midcap Growth Index (IWP) 11/6/09 PriceWatch Alert Targets 8.49% Downside Protection

Posted: Friday, November 06, 2009 8:36 AM EDT

iShares Russell Midcap Growth Index (PCX: IWP) closed yesterday at $42.38. So far IWP has hit a 52-week low of $24.26 and 52-week high of $44.43. IWP has been showing support around 41.55 and resistance in the 42.83 range. Technical indicators are Bullish. IWP appears on the Investors Observer Select ETF and HOLDR list. For a hedged play on this stock, look at a Feb '10 40 covered call (IWP BH) for a net debit in the $38.78 area. That is also the break even stock price for this trade. This covered call has a 106 day duration, provides 8.49% downside protection and a 3.15% assigned return rate for a 10.83% annualized return rate (comparison purposes only). [FBB-Seven Summits Research]

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