SPDR S&P 500 ETF (SPY) 11/6/09 PriceWatch Alert Support Down To $104.95

Posted: Friday, November 06, 2009 8:42 AM EDT

SPDR S&P 500 ETF (PCX: SPY) closed yesterday at $106.85. 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 104.95 and resistance in the 107.83 range. Technical indicators are Bullish. SPY appears on the Investors Observer Select ETF and HOLDR list. For a hedged play on this stock, look at a Dec '09 106 covered call (RDQ LB) for a net debit in the $102.85 area. That is also the break even stock price for this trade. This covered call has a 55 day duration, provides 3.74% downside protection and a 3.06% assigned return rate for a 20.33% annualized return rate (comparison purposes only). [FBB-Seven Summits Research]

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