Market Vectors - Steel ETF (SLX) 11/11/09 PriceWatch Alert Could Hit 24.60% Return
Posted: Wednesday, November 11, 2009 8:33 AM EDT
By: Market Intelligence Center Staff
Market Vectors - Steel ETF (PCX: SLX) closed yesterday at $56.42. 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 54.99 and resistance in the 57.57 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 $51.52 area. That is also the break even stock price for this trade. This covered call has a 129 day duration, provides 8.68% downside protection and an 8.70% assigned return rate for a 24.60% annualized return rate (comparison purposes only). [WBA-Seven Summits Research]
CLICK HERE: FREE Market Vectors Steel Index Fund (SLX) Stock ReportSee what our analysts have uncovered about Market Vectors Steel Index Fund (SLX).