Market Vectors - Steel ETF (SLX) 11/10/09 PriceWatch Alert Bullish Price Movement

Posted: Tuesday, November 10, 2009 8:19 AM EDT

Market Vectors - Steel ETF (PCX: SLX) closed yesterday at $56.85. 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 55.08 and resistance in the 57.88 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 Mar '10 56 covered call (EZN CD) for a net debit in the $51.65 area. That is also the break even stock price for this trade. This covered call has a 130 day duration, provides 9.15% downside protection and an 8.42% assigned return rate for a 23.65% annualized return rate (comparison purposes only). [ATU-Seven Summits Research]

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