Short QQQ ProShares (PSQ) 11/17/09 PriceWatch Alert Support At Around $44.70

Posted: Tuesday, November 17, 2009 8:09 AM EDT

Short QQQ ProShares (PCX: PSQ) closed yesterday at $45.17. So far PSQ has hit a 52-week low of $45.00 and 52-week high of $94.83. PSQ has been showing support around 44.70 and resistance in the 45.76 range. Technical indicators are Bearish. PSQ appears on the Investors Observer Select ETF and HOLDR list. For a hedged play on this stock, look at a Jan '10 45 covered call (PSQ AI) for a net debit in the $43.62 area. That is also the break even stock price for this trade. This covered call has a 60 day duration, provides 3.43% downside protection and a 3.16% assigned return rate for a 19.25% annualized return rate (comparison purposes only). [ATU-Seven Summits Research]

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