Market Vectors - Steel ETF (SLX) 11/18/09 PriceWatch Alert Shows Bullish Technicals
Posted: Wednesday, November 18, 2009 8:39 AM EDT
By: Market Intelligence Center Staff
Market Vectors - Steel ETF (PCX: SLX) closed yesterday at $59.68. So far SLX has hit a 52-week low of $20.19 and 52-week high of $59.87. SLX has been showing support around 57.65 and resistance in the 60.89 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 58 covered call (EZN CF) for a net debit in the $54.48 area. That is also the break even stock price for this trade. This covered call has a 122 day duration, provides 8.71% downside protection and a 6.46% assigned return rate for a 19.33% 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).