Pharmaceutical Holdrs (PPH) Could Break Through $65.45 Resistance Level

Pharmaceutical Holdrs (AMEX: PPH) closed Wednesday's trading session at $65.15. In the past year, the ETF has hit a 52-week low of $53.89 and 52-week high of $70.18. PPH has been showing support around $64.97 and resistance in the $65.45 range. Technical indicators for the ETF are Bullish. For a hedged play on this ETF, look at the May '11 $65.00 covered call for a net debit in the $62.85 area. That is also the break-even price for this trade. This covered call has a duration of 142 days, provides 3.53% downside protection and an assigned return rate of 3.42% for an annualized return rate of 8.79%