Market Vectors - Steel ETF (SLX) 11/6/09 PriceWatch Alert Support At Around $52.76

Posted: Friday, November 06, 2009 8:44 AM EDT

Market Vectors - Steel ETF (PCX: SLX) closed yesterday at $54.63. So far SLX has hit a 52-week low of $20.19 and 52-week high of $59.62. SLX has been showing support around 52.76 and resistance in the 55.56 range. Technical indicators are Bullish. SLX appears on the Investors Observer Select ETF and HOLDR list. For a hedged play on this stock, look at a Jun '10 54 covered call (EZN FB) for a net debit in the $47.23 area. That is also the break even stock price for this trade. This covered call has a 225 day duration, provides 13.55% downside protection and a 14.33% assigned return rate for a 23.25% annualized return rate (comparison purposes only). [FBB-Seven Summits Research]

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