Weekly Recap: 2/23/09 - 2/27/09

Weekly Range:

• Open 118.01


• High 118.38


• Low 111.22


• Close 111.70


• % Change -4.75%

MNX closed on its low for the week which is never a good sign and may point to further selling to come. The next area of support is the 101 area, or about 10% lower (this is also the area of the November lows). As Monday may be a volatile day due to the index closing on its low, I will look to sell a few more February options before theta makes them no longer worth selling.