Short QQQ ProShares (PSQ) 11/20/09 PriceWatch Alert Bearish Price Movement
Posted: Friday, November 20, 2009 8:30 AM EDT
By: Market Intelligence Center Staff
Short QQQ ProShares (PCX: PSQ) closed yesterday at $46.00. 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 45.24 and resistance in the 46.70 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 $44.00 area. That is also the break even stock price for this trade. This covered call has a 57 day duration, provides 4.35% downside protection and a 2.27% assigned return rate for a 14.55% annualized return rate (comparison purposes only). [FBB-Seven Summits Research]
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