SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 11/6/09 PriceWatch Alert Shows Bullish Technicals

Posted: Friday, November 06, 2009 8:45 AM EDT

SPDR S&P Oil & Gas Exploration & Production ETF (PCX: XOP) closed yesterday at $40.02. So far XOP has hit a 52-week low of $22.89 and 52-week high of $44.17. XOP has been showing support around 38.77 and resistance in the 40.69 range. Technical indicators are Bullish. XOP appears on the Investors Observer Select ETF and HOLDR list. For a hedged play on this stock, look at a Mar '10 40 covered call (XOA CN) for a net debit in the $36.42 area. That is also the break even stock price for this trade. This covered call has a 134 day duration, provides 9.00% downside protection and a 9.83% assigned return rate for a 26.78% annualized return rate (comparison purposes only). [FBB-Seven Summits Research]

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