HOT TRADING STRATEGIES FOR A COLD MARKET
Daily Stock Market Equity and Options Trading Commentary

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Wednesday, December 1, 2010

New GoldenAgeCheese.com Sitemap

[Golden Age Cheese | Cheddar Cheese | Mozzarella Cheeses | Swiss Cheese | Curds | Wholesale Factory]
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Saturday, November 20, 2010

Hedging with Butterfly Put Spreads

In times of a declining market and rising volatility, it can be hard to dish out the higher costs of put option premiums. One way to do this more cost effectively is to purchase something called a butterfly put spread. The good is that these spreads will cost you much less (especially in times of rising volatility) than purchasing just put options, however the bad is that these limit the potential gains (or protection) AND if the market or equity drops too much in value you could still lose your premium paid just as if the the market or equity didn't drop enough for the spread to pay off. I will give you an example in this article using a major index ETF. This article is for educational purpose only I am not recommending buying or selling anything mentioned.

Hedging an entire portfolio with out of the money butterfly put spreads:


The market is up over 15% since late August, so it may be worth looking at buying some protection. First I will have to develop targets: how much I am willing to lose before my protection kicks in, how much I want to hedge, and the time period I want to hedge for. The more and longer that I choose to hedge, the greater the cost.

Let's say I can stomach losing 5% from the current market levels and I think the market is due for a 15% pull back from current levels over the next 2 months. I would then use these targets to develop my option strategy.

Step 1:
Using the very popular, very liquid S&P 500 SPDR ETF (SPY) I would purchase the January 114 put options. Note how I got the 114 strike put option. I stated I can withstand declines of 5% from current market levels (at the time of this writing SPY is at 120.29), so a 5% decline from here would put the SPY at roughly 114.

Step 2:
I would then sell TWO contracts for every ONE purchased of the SPY January 102 put options. Note how I got the 102 strike put options. I stated I expect a total decline of 15% from the current levels near 120 on the SPY which comes out to 102.

Step 3:
I would then purchase the January 90 put options. Note how I got the 90 strike put options. This is just the difference of the contracts in step one and two subtracted from contract in step two. In this case the difference is 12 so we take 12 and subtract it from 102 which gives us 90.

As of current market data each spread can be purchased for $108. If I were to just purchase put options it would cost $173. If the market in fact sells off this would give me protection from roughly 1,140 down to 1,020 on the S&P 500. The maximum profit from this spread would occur if the SPY closed at 102 per share on January options expiration. This would return $1200 per spread or a return of 1,111%. The most that can be lost from this spread is the premium paid of $108, and would result if the SPY closed at or above 114 per share or at or below 90 per share on January options expiration. The two break even points would be the SPY at 112.92 and 91.08 on January options expiration. Commissions were not factored in the calculations above.

This completes the butterfly put spread. Note for safety and saving on transaction costs it should not be done as shown above in three different steps. Most brokerages today have a butterfly put spread order entry form. If they do not I suggest using a two part put spread approach which every brokerage should certainly have. Using put spreads I would first get long the 114/102 put spread, and then get short the 102/90 put spread. This is the exact same spread and should only be entered if brokerages do not offer butterfly put spreads. To learn more about options in general or to get a better understanding of stock options and different option strategies please check out my Simplified Stock Option Trading E-Books. If one has a more tech heavy portfolio it may be a better idea to structure a butterfly put spread using the PowerShares QQQ ETF (QQQQ). If small cap stocks are a holding in the portfolio one should also consider opening butterfly put spreads on the iShares Russell 2000 Index ETF (IWM).

These are just examples and are not recommendations to buy or sell any security; if you're more bullish/bearish, you’ll want to adjust the strike price and expiration accordingly.

The reason option volumes have surged in the last five years is because they are a great way to hedge your portfolio as well as create income off of your shares (see chart here). Keep in mind when using this strategy it is essential that broker commissions are low enough to profit from the position.

Disclosure: Long SPY December 115 Put Options Sphere: Related Content

Friday, September 24, 2010

Google Strategy Update

Hey guys, hope all is well. I wanted to update you all on that Google option strategy I did last week. I took my money off the table Friday with a nice profit. I still have some call spreads open which are now free and I have limit order in to sell them for $2,400 and $2,600 which I believe will be tough to get this week unless Google buries the upper strike price. I believe I want to get out before earnings just because I feel more comfortable and even though I may kick myself for leaving $500 on the table, it's a lot better than kicking myself for having them expire worthless! Anyway, I wanted to share my family companies cheese blog with you all. Lots of cool (cheesy) stuff there so check out my cheese blog. Sphere: Related Content

Monday, September 20, 2010

Time for Google to Run: How I'm Playing It

Trading at just 21X earnings and projected earnings growth of 14% in 2011, Google has become an oversold value stock. With Google (GOOG) pinning to 490 on options expiration Friday, it confirmed a nice breakout and could be a potential trend reversal for the search giant. As an options trader these pattern breakouts are key when choosing my strategies. Following the marked up chart of Google below, I will highlight some key points which led me to put on a bullish option strategy.

(Click chart to enlarge)

Why I am bullish: From the chart above you can see Google broke a major down triangle on September 13 (blue lines). This breakout projects Google back up between 520 and 550 per share. However that is just the beginning... You can also see from this chart above a very choppy inverse head and shoulders pattern with the neckline coming in around 510 per share (yellow dotted line). This 510 level is a key resistance area and if it can break above that (as the triangle breakout suggests) the stock could run back up and test its recent high near 590 per share.

How I am playing it: I am playing quite conservative by purchasing October Call Spreads. I plan on purchasing October 510 calls (the neckline breakout point) and selling the October 540 calls against them. I can get into each spread for a net debit of around $550 which doesn't seem too expensive considering an earnings report falls in that time frame. The reason I'm not purchasing just October calls is because I don't want to purchase too much volatility with the Google earnings announcement falling before expiration (selling an upper call against the lower call will help offset this). The reason I'm not purchasing November calls or call spreads because I don't want to purchase too much time in case Google sells off. If significant profits can be taken, I may choose to close my position before earnings.

Number Crunch: The most that can be lost from each 510/540 call spread is $550 (plus commissions) and will result if Google closes at or below 510 per share on October expiration. The break even point from this spread is shares of Google at 515.50 (less commissions) per share on October expiration, anything above that price until 540 per share will result in unrealized profit. If Google closes at or above 540 per share on October options expiration it will return the maximum of $3,000 per spread or 545%.

As stated, I believe Google is oversold and will use any dips after earnings or in the near future to accumulate shares for my investment account. I still think in order to get some real momentum behind this stock, Google needs to purchase shares back of the company, do a stock split, or declare a dividend... I would be a fan of all three.

The ideas outlined above are bullish strategies and should not be considered if you think the stock will sell off in the near future. However if you feel the stock could move higher in the near future, this strategy could yield a nice gain. To get a better understanding of stock options and different option strategies please check out my Simplified Stock Option Trading E-Books.

These are just examples and are not recommendations to buy or sell any security; if you're more bullish/bearish, you’ll want to adjust the strike price and expiration accordingly.

The reason option volumes have surged in the last five years is because they are a great way to hedge your portfolio as well as create income off of your shares (see chart here). Keep in mind when using this strategy it is essential that broker commissions are low enough to profit from the position.

Disclosure: Long GOOG October 510 Calls, Short GOOG October 540 Calls Sphere: Related Content

Friday, September 10, 2010

Still Bullish on QCOM, but Taking Some Profits

Today I am looking at closing out my October in the money call options on Qualcomm (QCOM) but purchasing longer dated call spreads... I purchased the October $37 call options for $1.19 before they reported earnings and popped. I am not looking at closing all of the contracts for a slight premium and rolling into January 41 strike calls but on half of the contracts writing the January 47.50 strike calls against them. This was I have some serious upside potential but I am taking all of my money off the table plus a couple hundred bucks. I still see some room to the upside on Qualcomm which is why I am choosing to create spreads on only half of my January option position, the other half I will either take profits or convert into either diagonal call spreads or vertical call spreads on continued strength in the underlying. To read more about these types of spreads check out my option ebooks here. Sphere: Related Content

Wednesday, September 1, 2010

An Alternate Investment: Domain Name Investing

I am just writing a quick post to inform everybody on domain name investing. If you have a catchy name or idea you can register a .com name for $11 a year. I just purchased the domain name BetterCheddar.com for my cheese company and I plan on having it forward directly to my site shortly. I paid a nice premium for this domain so you never know who will want to buy your domain names or ideas if you register them today! I registered a catchy name in 2008, BellaMozzarella.com which is Italian for beautiful Mozzarella. This page forwards directly to our Mozzarella Cheese page and I am still very happy with the purchase. If you ever have a good idea I encourage you to spend the $11 to register the domain name, because thousands of companies and individuals search catchy domain names for their business or if you happen to register someones business name before it is their name you could really hit a home run. I just thought I know this is a blog for stock, futures, and options but I figured I would throw a curve ball in to my redaers and inform them of an alternate investment. Sphere: Related Content

Thursday, August 5, 2010

Anticipating Another BIG Move - A Look at Doji Candlesticks

Once again I find myself writing about another anticipated big move. Once again we Doji'd on the S&P 500 index, this one being the highest quality Doji we've seen in a long time. The S&P 500 traded in a decent range Thursday, but managed to close just 3 hundredths of a point or 0.03 points above the open. This price action means a big move is expected and likely. The bad thing about doji's is that we cannot predict which way the move will be (bullish or bearish). I am guessing the way we move depends on the unemployment number released at 8:30 AM EST Friday. I would assume, if we get a better than expected unemployment situation number Friday it will be bullish, and the opposite holds true (bearish move) if we get a worse than expected unemployment number... However crazier things have happened. The chart below is a prime example of a doji on the S&p 500 index.

Yea so, what's the big deal if we don't know which way it is going to move? This is true, however this is ideal for an option strangle or straddle position which is exactly what I was opening near the close of trade Thursday. Using the weekly options (newer and still testing) I purchased both the 113 strike call and put options on the S&P 500 SPDR (SPY). Each straddle ran me about $130 which means a move of 1% or greater in the S&P 500 index should make this position profitable. The worst case is if the SPY closes at exactly 113 (unlikely) I would lose 100% of the premium paid or $130 for each straddle I opened. If the market opens up flat I may decide to add to this straddle as the market should have a large swing based on Thursday's price action. If you would like to learn more about trading stock options and different strategies used to make money in any market check out my stock option trading ebooks here. Sphere: Related Content

Saturday, July 24, 2010

How I'm Playing the Risk Trade

Three stocks which did very well for my portfolio this past week were: Qualcomm (QCOM), American Express (AXP), and Trina Solar (TSL). I will continue to hold the majority of my long positions (as this entire market moves as a whole these days) until I see the risk trade come off the table. Copper trading above $3.10 and holding is a signal that the risk trade is coming back for the time being. I'd like to see copper futures settle above $3.22 and then $3.40. I've moved my stops to $3.08 now and this position has been working very well for me! For a less risky investor or someone who cannot trade futures check out Freeport-Mcmoran (FCX), Cliffs Natural Resources (CLF), and the most diversified way to play the Metals & Mining SPDR (XME).

I have purchased December 50 strike call options and will look to turn the position into a vertical call spread. I will decide to write upper calls against my lower calls as I'll be watching the ETF near close everyday and monitor the price action. It is also worth noting I may look to write nearer term strikes out on strength; such as the August 56 or September 58, etc... on strength in the XME. To learn how to create similar option strategies and for information on options in general check out my Options Trading Books. Sphere: Related Content

Wednesday, July 21, 2010

Risk Trade Coming Back

That inverted hammer pattern on copper futures worked like a charm. However we must break through the $3.10 resistance level with two consecutive closes above it. If it does I'm watching material stock names including Cliffs Natural Resources (CLF), Freeport-Mcmoran (FCX) and the the metal and mining SPDR ETF (XME). Stops in on copper futures at $2.99 Sphere: Related Content

Tuesday, July 20, 2010

Big Call Option Bet on Telecommunications Sector Index Fund (IYZ)

Tuesday, very heavy volume traded for the September 20 calls on (IYZ). Most traded near the bid price of $35 (0.35) so it could be slightly more bearish. 15,000 contracts traded on an open interest of zero. I actually liked the price-action on Sprint (S), so I will be watching that out of the group. I also will be watching price-action on AT&T (T) and Verizon (VZ) the next few days. Sphere: Related Content

Thursday, July 15, 2010

Expecting an Above Average Move Part 2

Last week I wrote about an expected above average move on the S&P 500 index. The open and close price were different by just 3 pennies which indicated a very strong doji. Yesterday the S&P 500 index opened and closed within 44 cents which is still considered a doji, just not as strong. I am expecting an above average move today (>1%). I may take a shot at strangling the S&P 500 ETF (SPY) at open. I would look at purchasing the 110 calls and the 109 puts, or if it opens near 110 I may take a shot at a straddle. Sphere: Related Content

Thursday, July 8, 2010

Time for Another Bounce? Three Stocks I'll Be Watching Today

Morning traders, I'd like to see a follow through of yesterday's price-action. If we get a move higher today, I think we could bounce back as high as 1150 on the S&P 500. Watch 106.77 on the SPY as it is a gap we need to fill. If we fill it and start heading lower, I think we could sell off. However if we fill it and keep rallying we could be heading as high as 1100 very short term. Three stocks on my watch list today are: Teva Pharmaceutical (TEVA) which put in a nice doji, Sourcefire (FIRE) which put in a very nice hammer, and Gafisa (GFA) which broke out yesterday and the chart predicts it back as high as 16 a share. Sphere: Related Content

Wednesday, July 7, 2010

Doji Confirmed! SPY Option Straddles Paid Off Big!

As stated this morning I expected a major move in the equity markets based on Tuesday's price action - I just didn't know the direction. As stated I was looking at opening option straddle positions on the widely traded S&P 500 SPDR (SPY). An option straddle is ideal for this type of situation.

Many use straddles before big events such as earnings, but be careful as the volatility will collapse following earnings and if the stock moves less than the derivative market is anticipating (which happens more times than you may think) you could lose much of the premium paid. To learn about straddles check out my Advanced Option E-book! But getting back to today's trade, once the market volatility came in from the initial spike at open, I took a slightly bullish bias and straddled the SPY by purchasing the 104 weekly put options and the 104 weekly call options. These new weekly options are ideal for this type of trade (closed at the end of day) as the premiums paid are very small. I am glad to say I closed my position at roughly 3:55 PM banking a very nice one day gain! Happy trading! Sphere: Related Content

S&P 500 Chart Predicts a Major Move

Happy lucky 7's day (7/7)! I'm expecting a big move in the major indices today as the S&P 500 had a doji candle pattern yesterday. Doji candle patterns do not predict the direction of the move, they just predict the magnitude. The S&P 500 index closed 0.03 below the open price which is a major doji on an index of 1,000 plus! Last time I noticed a doji was on the S&P 500 ETF (SPY) was on May 19 and that was followed with a huge move the following day. I now see a major doji on the actual index so time will tell if it works again. I'll look at opening straddles on both the S&P 500 and the Powershares QQQ at open today. The chart below is the of the S&P 500 and you can see the doji candle pattern we had on July 6, 2010.

Click chart to enlarge
Sphere: Related Content

Wednesday, June 30, 2010

Held Some Major Support on the S&P 500

Traders, we held 1040 as you probably know from all of the talking heads on TV. Tomorrow should be interesting and should let us know if we will get any bounce higher. I believe we can bounce as high as 1130-1150 on the S&P 500 before we know where we could be going. A break and close on heavier volume below 1040 is bearish, and a break and close above 1130 on heavier volume is bullish. Sphere: Related Content

Monday, June 28, 2010

Into Copper Futures with a Tight Stop Loss

Copper futures continue to look good to me. Setting stops at $3.05 with open profit take. Also looking at Freeport-McMoRan Copper & Gold Inc. (FCX) and the SPDR S&P Metals and Mining ETF (XME). Sphere: Related Content

Saturday, June 26, 2010

CBOE Should Benefit from Weekly Options

First it started with the major ETF's such as the SPY, and QQQQ, but as of yesterday they have weekly options on very heavily traded individual stocks like Bank of America (BAC) and Citigroup (C). There is a ton of money to be made if you can trade these weekly options in this range bound market (from 1040 to 1130). With all of that being said, I strongly believe the newly listed HOT IPO Chicago Board Options Exchange (CBOE) will benefit from it... Sphere: Related Content

Russell Reconstitution 2010 Entire List of Changes

Hey guys sorry it's been a while since I've posted anything. I have been extremely busy. Here is a (long) list of companies which were rebalanced during the Russell Reconstitution yesterday. I have split the list into two categories; additions and deletions from the index. If you were wondering about the huge volume spike on these names, this will explain it.

Added to the Index

Company Symbol Sector



1ST UNITED BANCORP INC FUBC Financial Services
A H BELO CORP AHC Consumer Discretionary
ABRAXAS PETE CORP AXAS Energy
ACCENTURE PLC IRELAND ACN Producer Durables
ACCRETIVE HEALTH INC AH Health Care
ACE LTD ACE Financial Services
ALCON INC ACL Health Care
ALEXZA PHARMACEUTICALS ALXA Health Care
ALIMERA SCIENCES INC ALIM Health Care
ALPHA & OMEGA SEMICON AOSL Technology
AMERICAN DG ENERGY INC ADGE Utilities
AMERICAN OIL & GAS INC AEZ Energy
ANTARES PHARMA INC AIS Health Care
ANTHERA PHARMACEUTICALS ANTH Health Care
AOXING PHARMACEUTICAL CO AXN Health Care
APPLIED ENERGETICS INC AERG Producer Durables
ARCTIC CAT INC ACAT Consumer Discretionary
ARLINGTON ASSET INVT AI Financial Services
ARTHROCARE CORP ARTC Health Care
ASPEN TECHNOLOGY INC AZPN Technology
ASPENBIO PHARMA INC APPY Health Care
ASTA FDG INC ASFI Financial Services
AVAGO TECHNOLOGIES LTD AVGO Technology
AVEO PHARMACEUTICALS INC AVEO Health Care
AXCELIS TECHNOLOGIES INC ACLS Technology
AXT INC AXTI Technology
BALLANTYNE STRONG INC BTN Producer Durables
BALTIC TRADING LIMITED BALT Producer Durables
BARRY R G CORP OHIO DFZ Consumer Discretionary
BEASLEY BROADCAST GROUP BBGI Consumer Discretionary
BELL MICROPRODUCTS INC BELM Technology
BERKSHIRE HATHAWAY INC BRK.B Financial Services
BIOSANTE PHARMACEUTICALS BPAX Health Care
BIOTIME INC BTIM Health Care
BOFI HLDG INC BOFI Financial Services
BON-TON STORES INC BONT Consumer Discretionary
BRIDGFORD FOODS CORP BRID Consumer Staples
CALIPER LIFE SCIENCES CALP Health Care
CALIX INC CALX Technology
CALLON PETROLEUM CO CPE Energy
CAMAC ENERGY INC CAK Energy
CAMBIUM LEARNING GRP INC ABCD Consumer Discretionary
CAPITAL GOLD CORP CGC Materials & Processing
CAPSTONE TURBINE CORP CPST Energy
CASELLA WASTE SYSTEMS CWST Consumer Discretionary
CASUAL MALE RETAIL GROUP CMRG Consumer Discretionary
CDC CORP CHINA Technology
CENTER FINANCIAL CORP CLFC Financial Services
CERUS CORP CERS Health Care
CHATHAM LODGING TR CLDT Financial Services
CHICAGO BRIDGE & IRON CBI Producer Durables
CIT GROUP INC CIT Financial Services
CNH GLOBAL N V CNH Producer Durables
CODEXIS INC CDXS Health Care
COLEMAN CABLE INC CCIX Producer Durables
COMBINATORX INC CRXX Health Care
COMMERCIAL VEH GROUP INC CVGI Producer Durables
COMPX INTERNATIONAL CIX Materials & Processing
CONEXANT SYSTEMS INC CNXT Technology
CONVIO INC CNVO Technology
COOPER INDUSTRIES PLC CBE Producer Durables
CORCEPT THERAPEUTICS INC CORT Health Care
CORE LABORATORIES N V CLB Energy
COVIDIEN PLC COV Health Care
CULP INC CFI Materials & Processing
CUMULUS MEDIA INC CMLS Consumer Discretionary
CYTRX CORP CYTR Health Care
DELTA APPAREL INC DLA Consumer Discretionary
DEX ONE CORP DEXO Consumer Discretionary
DIGIMARC CORPORATION DMRC Technology
DISCOVERY COMMUNICATNS DISCA Consumer Discretionary
DOUGLAS DYNAMICS INC PLOW Producer Durables
DYNAVAX TECHNOLOGIES DVAX Health Care
DYNAVOX INC DVOX Technology
EMPIRE RESORTS INC NYNY Consumer Discretionary
ENCORE BANCSHARES INC EBTX Financial Services
ENERGY PARTNERS LTD EPL Energy
ENERGY XXI (BERMUDA) LTD EXXI Energy
ENTERCOM COMMUNICATIONS ETM Consumer Discretionary
ENTRAVISION COMM EVC Consumer Discretionary
EURAND N V EURX Health Care
EVOLUTION PETROLEUM CORP EPM Energy
EXACT SCIENCES CORP EXAS Health Care
EXCEL MARITIME CARRIERS EXM Producer Durables
EXCEL TR INC EXL Financial Services
EXPRESS INC EXPR Consumer Discretionary
FEDERAL AGRIC MTG CO AGM Financial Services
FIBERTOWER CORP FTWR Utilities
FINANCIAL ENGINES INC FNGN Financial Services
FINISAR CORP FNSR Technology
FIRST INTST BANCSYSTEM FIBK Financial Services
FIVE STAR QUALITY CARE FVE Health Care
FSI INTL INC FSII Technology
GASTAR EXPL LTD GST Energy
GENERAL GROWTH PPTYS INC GGP Financial Services
GEORGIA GULF CORP GGC Materials & Processing
GERBER SCIENTIFIC INC GRB Producer Durables
GERDAU AMERISTEEL CORP GNA Materials & Processing
GEROVA FINANCIAL GROUP GFC Financial Services
GLOBAL GEOPHYSICAL SVCS GGS Energy
GLOBALSTAR INC GSAT Utilities
GLOBE SPECIALTY METALS GSM Materials & Processing
GOLDEN STAR RES LTD CDA GSS Materials & Processing
GOLUB CAP BDC INC GBDC Financial Services
GRAY TELEVISION INC GTN Consumer Discretionary
GREEN BANKSHARES INC GRNB Financial Services
GUIDANCE SOFTWARE INC GUID Technology
HALLADOR ENERGY CO HNRG Energy
HANMI FINANCIAL CORP HAFC Financial Services
HEALTHTRONICS INC HTRN Health Care
HFF INC HF Financial Services
HOKU CORPORATION HOKU Energy
HOUSTON AMERICAN ENERGY HUSA Energy
HUDSON HIGHLAND GROUP HHGP Producer Durables
HUDSON VALLEY HOLDING HUVL Financial Services
HUTCHINSON TECHNOLOGY HTCH Technology
HYPERCOM CORP HYC Technology
ICO GLOBAL COMM HLDGS ICOG Utilities
IDT CORP IDT Utilities
IKANOS COMMUNICATIONS IKAN Technology
INGERSOLL-RAND PLC IR Producer Durables
INHIBITEX INC INHX Health Care
INOVIO PHARMACEUTICALS INO Health Care
INTEGRATED SILICON S ISSI Technology
IRIDIUM COMMUNICATIONS IRDM Utilities
JAGUAR MNG INC JAG Materials & Processing
JAMBA INC JMBA Consumer Discretionary
JAZZ PHARMACEUTICALS INC JAZZ Health Care
JOES JEANS INC JOEZ Consumer Discretionary
JOHNSON OUTDOORS INC JOUT Consumer Discretionary
KEITHLEY INSTRS INC KEI Producer Durables
KENNEDY-WILSON HLDGS INC KW Financial Services
KERYX BIOPHARMACEUTICALS KERX Health Care
KID BRANDS INC KID Consumer Discretionary
KIT DIGITAL INC KITD Technology
KMG CHEMICALS INC KMGB Materials & Processing
KODIAK OIL & GAS CORP KOG Energy
KRATOS DEFENSE & SEC SOL KTOS Producer Durables
L & L ENERGY INC LLEN Energy
LACROSSE FOOTWEAR INC BOOT Consumer Discretionary
LADENBURG THALMAN FIN LTS Financial Services
LEAR CORP LEA Consumer Discretionary
LECG CORP XPRT Producer Durables
LEE ENTERPRISES INC LEE Consumer Discretionary
LIBBEY INC LBY Consumer Discretionary
LIFETIME BRANDS INC LCUT Consumer Discretionary
LIMONEIRA CO LMNR Consumer Staples
LIONS GATE ENTMNT CORP LGF Consumer Discretionary
LOCAL COM CORP LOCM Technology
LTX-CREDENCE CORP LTXC Technology
LYDALL INC LDL Producer Durables
MAGMA DESIGN AUTOMATION LAVA Technology
MAGNUM HUNTER RES CORP MHR Energy
MARINEMAX INC HZO Consumer Discretionary
MARLIN BUSINESS SVCS MRLN Producer Durables
MATTSON TECHNOLOGY INC MTSN Technology
MAXLINEAR INC MXL Technology
MCCLATCHY CO MNI Consumer Discretionary
MEDIA GENERAL INC MEG Consumer Discretionary
MERU NETWORKS INC MERU Technology
METALS USA HLDGS CORP MUSA Materials & Processing
MGP INGREDIENTS INC MGPI Consumer Staples
MIDWESTONE FINL GROUP MOFG Financial Services
MILLER PETE INC MILL Energy
MINDSPEED TECHNOLOGIES MSPD Technology
MOSYS INC MOSY Technology
MPG OFFICE TRUST INC MPG Financial Services
NANOMETRICS INC NANO Technology
NATIONAL AMERN UNIV NAUH Consumer Discretionary
NATURES SUNSHINE PRODS NATR Consumer Staples
NEOSTEM INC NBS Health Care
NETWORK ENGINES INC NENG Technology
NEURALSTEM INC CUR Health Care
NEWCASTLE INVT CORP NCT Financial Services
NEXSTAR BROADCASTING GRP NXST Consumer Discretionary
NORANDA ALUM HLDG CORP NOR Materials & Processing
NYMOX PHARMACEUTICAL NYMX Health Care
OCCAM NETWORKS INC OCNW Technology
OCLARO INC OCLR Technology
ONE LIBERTY PROPERTIES OLP Financial Services
P A M TRANSN SVCS INC PTSI Producer Durables
PARK OHIO HOLDINGS CORP PKOH Producer Durables
PDF SOLUTIONS INC PDFS Technology
PDI INC PDII Producer Durables
PEREGRINE PHARMA INC PPHM Health Care
PGT INC PGTI Materials & Processing
PHARMACYCLICS INC PCYC Health Care
PILGRIMS PRIDE CORP NEW PPC Consumer Staples
PINNACLE AIRL CORP PNCL Producer Durables
PRESSTEK INC PRST Producer Durables
PRIMERICA INC PRI Financial Services
PROSPECT MEDICAL HLDGS PZZ Health Care
PURE BIOSCIENCE PURE Health Care
QUALITY DISTRIBUTION INC QLTY Producer Durables
RADIO ONE INC ROIAK Consumer Discretionary
RAM ENERGY RESOURCES INC RAME Energy
REACHLOCAL INC RLOC Consumer Discretionary
RENTECH INC RTK Materials & Processing
RESOLUTE ENERGY CORP REN Energy
RETAIL OPPORTUNITY INVTS ROIC Financial Services
RICHARDSON ELECTRONICS RELL Technology
ROADRUNNER TRNSN SVCS RRTS Producer Durables
RODMAN & RENSHAW CAP GP RODM Financial Services
RURAL/METRO CORP RURL Health Care
SANFILIPPO JOHN B & SON JBSS Consumer Staples
SANMINA SCI CORP SANM Technology
SCORPIO TANKERS INC STNG Producer Durables
SELECT COMFORT CORP SCSS Consumer Discretionary
SENOMYX INC SNMX Materials & Processing
SENORX INC SENO Health Care
SHILOH INDUSTRIES INC SHLO Materials & Processing
SIRIUS XM RADIO INC SIRI Consumer Discretionary
SOLTA MEDICAL INC SLTM Health Care
SOMAXON PHARMACEUTICALS SOMX Health Care
SONIC SOLUTIONS SNIC Technology
SPANSION INC CODE Technology
SPECTRUM BRANDS HOLDINGS SPB Consumer Staples
SPS COMM INC SPSC Technology
SS&C TECHNOLOGIES HLDGS SSNC Technology
STAAR SURGICAL CO STAA Health Care
STREAM GLOBAL SVCS INC SGS Producer Durables
SUMMER INFANT INC SUMR Consumer Discretionary
SUPERMEDIA INC SPMD Consumer Discretionary
SXC HEALTH SOLUTIONS SXCI Health Care
SYNERON MEDICAL LTD ELOS Health Care
TARGACEPT INC TRGT Health Care
TAYLOR CAPITAL GROUP INC TAYC Financial Services
TELENAV INC TNAV Technology
TESCO CORP TESO Energy
TESSCO TECHNOLOGIES INC TESS Technology
THERMADYNE HLDGS CORP THMD Producer Durables
THL CR INC TCRD Financial Services
THOMAS PROPERTIES GROUP TPGI Financial Services
THOMPSON CREEK METALS TC Materials & Processing
THOMSON REUTERS CORP TRI Financial Services
TPC GROUP INC TPCG Materials & Processing
TRANSATLANTIC PETROLEUM TAT Energy
TRANSCEPT PHARM INC TSPT Health Care
TWO HBRS INVT CORP TWO Financial Services
TYCO INTERNATIONAL LTD TYC Producer Durables
U S ENERGY CORP USEG Materials & Processing
ULTRA CLEAN HOLDINGS INC UCTT Technology
ULTRA PETROLEUM CORP UPL Energy
UNILIFE CORP NEW UNIS Health Care
UQM TECHNOLOGIES INC UQM Producer Durables
VERSO PAPER CORP VRS Materials & Processing
VIASYSTEMS GROUP INC VIAS Technology
VIRGINIA COMM BANCORP VCBI Financial Services
VIRNETX HOLDING CORP VHC Technology
VISTAPRINT N V VPRT Consumer Discretionary
VONAGE HLDGS CORP VG Utilities
WABASH NATIONAL CORP WNC Producer Durables
WARNER CHILCOTT PLC WCRX Health Care
WAVE SYSTEMS CORP WAVX Technology
WEATHERFORD INTL WFT Energy
WEST COAST BANCORP WCBO Financial Services
WESTWOOD ONE INC WWON Consumer Discretionary
WINMARK CORP WINA Consumer Discretionary
XERIUM TECHNOLOGIES INC XRM Producer Durables
XYRATEX LTD XRTX Technology
ZIOPHARM ONCOLOGY INC ZIOP Health Care

Deleted from the index

Company Symbol Sector



ACTIVIDENTITY CORP ACTI Technology
ADOLOR CORP ADLR Health Care
AGFEED INDUSTRIES INC FEED Consumer Staples
AMERICAN CARESOURCE HLDG ANCI Health Care
AMERICAN DAIRY INC ADY Consumer Staples
AMERICAN ORIENTAL BIOENG AOB Health Care
AMERICAN REALTY INVESTOR ARL Financial Services
AMICUS THERAPEUTICS INC FOLD Health Care
AMPAL AMERICAN ISRAEL AMPL Financial Services
AMREP CORP AXR Consumer Discretionary
ARYX THERAPEUTICS INC ARYX Health Care
ASCENT SOLAR TECH INC ASTI Energy
ASIAINFO HOLDINGS INC ASIA Technology
AUBURN NATL BANCORP AUBN Financial Services
BANK KY FINL CORP BKYF Financial Services
BANNER CORP BANR Financial Services
BAR HBR BANKSHARES BHB Financial Services
BENIHANA INC BNHNA Consumer Discretionary
BIODELIVERY SCIENCES BDSI Health Care
BOLT TECHNOLOGY CORP BOLT Energy
BOVIE MEDICAL CORP BVX Health Care
BRONCO DRILLING CO INC BRNC Energy
BROOKLYN FEDERAL BANCORP BFSB Financial Services
CALLIDUS SOFTWARE INC CALD Technology
CAPE BANCORP INC CBNJ Financial Services
CARDIAC SCIENCE CORP CSCX Health Care
CARDIOVASCULAR SYS INC CSII Health Care
CARDIUM THERAPEUTICS INC CXM Health Care
CELL THERAPEUTICS INC CTIC Health Care
CENTER BANCORP INC CNBC Financial Services
CENTRAL PACIFIC FINL CPF Financial Services
CHASE CORP CCF Materials & Processing
CHEVIOT FINANCIAL CORP CHEV Financial Services
CHICOPEE BANCORP INC CBNK Financial Services
CHINA AUTOMOTIVE SYSTEMS CAAS Consumer Discretionary
CHINA BAK BATTERY INC CBAK Producer Durables
CHINA FIRE & SEC GROUP CFSG Producer Durables
CHINA GREEN AGRICULTURE CGA Consumer Staples
CHINA HOUSING & LAND DEV CHLN Financial Services
CHINA INFORMATION SEC CPBY Technology
CHINA PRECISION STEEL CPSL Materials & Processing
CHINA SEC & SURVE TECH CSR Producer Durables
CHINA SKY ONE MED INC CSKI Health Care
CHINA TRANSINFO TECHNLGY CTFO Technology
CHINA-BIOTICS INC CHBT Consumer Staples
CHINACAST EDU CORP CAST Consumer Discretionary
CITIZENS HLDG CO MISS CIZN Financial Services
COGO GROUP INC COGO Technology
COMMUNICATIONS SYSTEMS JCS Technology
CREDO PETROLEUM CORP CRED Energy
CTC MEDIA INC CTCM Consumer Discretionary
CUBIC ENERGY INC QBC Energy
DISCOVERY COMMUNICATIONS DISCK Consumer Discretionary
DISCOVERY LABORATORIES DSCO Health Care
DOVER DOWNS GAMING & ENT DDE Consumer Discretionary
DUOYUAN PRINTING INC DYP Producer Durables
DYNAMICS RESEARCH CORP DRCO Technology
EASTERN CO EML Materials & Processing
EASTERN INSURANCE HLDGS EIHI Financial Services
ELOYALTY CORP ELOY Technology
EMCORE CORP EMKR Technology
ENGLOBAL CORP ENG Producer Durables
ENTEROMEDICS INC ETRM Health Care
ENTERPRISE BANCORP INC EBTC Financial Services
EVERGREEN ENERGY INC EEE Energy
FARMERS CAPITAL BK CORP FFKT Financial Services
FIRST ACCEPTANCE CORP FAC Financial Services
FIRST CALIFORNIA FINL GR FCAL Financial Services
FIRST DEFIANCE FINANCIAL FDEF Financial Services
FIRST FINL NORTHWEST FFNW Financial Services
FIRST FINL SVC CORP FFKY Financial Services
FRISCHS RESTAURANTS INC FRS Consumer Discretionary
FUQI INTERNATIONAL INC FUQI Consumer Discretionary
FUSHI COPPERWELD INC FSIN Materials & Processing
GENERAL STEEL HOLDINGS GSI Materials & Processing
GEOKINETICS INC GOK Energy
GRAMERCY CAPITAL CORP GKK Financial Services
GRAN TIERRA ENERGY INC GTE Energy
GREAT WOLF RESORTS INC WOLF Consumer Discretionary
GSE SYS INC GVP Technology
GTX INC GTXI Health Care
GUARANTY BANCORP GBNK Financial Services
HAMPTON ROADS BANKSHARES HMPR Financial Services
HARBIN ELECTRIC INC HRBN Producer Durables
HARVARD BIOSCIENCE INC HBIO Health Care
HEMISPHERX BIOPHARMA INC HEB Health Care
HERITAGE CRYL CLEAN INC HCCI Producer Durables
HICKORY TECH CORP HTCO Utilities
HQ SUSTAINABLE MARITIM HQS Consumer Staples
HURCO COMPANIES INC HURC Producer Durables
IDERA PHARMACEUTICALS IDRA Health Care
IMERGENT INC IIG Technology
INCONTACT INC SAAS Utilities
INDEPENDENCE HOLDING CO IHC Financial Services
INFORMATION SERVICES GRP III Financial Services
INNODATA ISOGEN INC INOD Producer Durables
INNOSPEC INC IOSP Materials & Processing
INSMED INC INSM Health Care
INTEGRATED ELECTRICAL SV IESC Producer Durables
IPASS INC IPAS Consumer Discretionary
ISTA PHARMACEUTICALS INC ISTA Health Care
JACKSON HEWITT TAX SVC JTX Consumer Discretionary
JAVELIN PHARMACEUTICALS JAV Health Care
K V PHARMACEUTICAL CO KV.A Health Care
KENTUCKY FIRST FEDERAL KFFB Financial Services
KOHLBERG CAPITAL CORP KCAP Financial Services
LAKES ENTERTAINMENT INC LACO Consumer Discretionary
LEGACY BANCORP INC LEGC Financial Services
LIHUA INTERNATIONAL INC LIWA Producer Durables
LUBYS INC LUB Consumer Discretionary
LULULEMON ATHLETICA INC LULU Consumer Discretionary
MANNATECH INC MTEX Consumer Staples
MATRIXX INITIATIVES INC MTXX Health Care
MEMSIC INC MEMS Technology
MERCADOLIBRE INC MELI Consumer Discretionary
MERCER INS GROUP INC MIGP Financial Services
MOLECULAR INSIGHT PHARMA MIPI Health Care
MYRIAD PHARMA INC MYRX Health Care
NESS TECHNOLOGIES INC NSTC Technology
NET 1 UEPS TECHNOLOGIES UEPS Financial Services
NIGHTHAWK RADIOLOGY HLDG NHWK Health Care
NIVS INTELLIMEDIA TECH NIV Consumer Discretionary
NOBEL LEARNING CMNTYS NLCI Consumer Discretionary
NORTHEAST CMNTY BANCORP NECB Financial Services
NORTHRIM BANCORP INC NRIM Financial Services
NORWOOD FINANCIAL CORP NWFL Financial Services
NOVAMED INC NOVAD Health Care
ODYSSEY MARINE EXPLOR OMEX Producer Durables
OHIO VY BANC CORP OVBC Financial Services
OILSANDS QUEST INC BQI Energy
OLD POINT FINL CORP OPOF Financial Services
OLD SECOND BANCORP INC OSBC Financial Services
OMEGA PROTEIN CORP OME Consumer Staples
ONCOGENEX PHARMAS INC OGXI Health Care
ORCHIDS PAPER PRODS COMP TIS Consumer Staples
ORION ENERGY SYSTEMS INC OESX Materials & Processing
OVERHILL FARMS INC OFI Consumer Staples
OXIGENE INC OXGN Health Care
PACIFIC CAPITAL BANCORP PCBC Financial Services
PAR TECHNOLOGY CORP PTC Technology
PARAMOUNT GOLD & SILVER PZG Materials & Processing
PARKERVISION INC PRKR Technology
PC MALL INC MALL Technology
PENNICHUCK CORP PNNW Utilities
PEOPLES FINL CORP MISS PFBX Financial Services
PERMA-FIX ENVIRONMENTAL PESI Producer Durables
PERVASIVE SOFTWARE INC PVSW Technology
PHOENIX TECHNOLOGIES LTD PTEC Technology
PONIARD PHARMA INC PARD Health Care
PORTEC RAIL PRODUCTS INC PRPX Producer Durables
PREMIERWEST BANCORP PRWT Financial Services
PRIMEENERGY CORP PNRG Energy
PROTALIX BIOTHERAPEUTICS PLX Health Care
PRUDENTIAL BANCORP INC PBIP Financial Services
QC HOLDINGS INC QCCO Financial Services
RADNET INC RDNT Health Care
RAE SYSTEMS INC RAE Producer Durables
RASER TECHNOLOGIES INC RZ Energy
READING INTERNATIONAL RDI Consumer Discretionary
REPLIGEN CORP RGEN Health Care
REPROS THERAPEUTICS INC RPRX Health Care
REPUBLIC FIRST BANCORP FRBK Financial Services
RESOURCE AMERICA INC REXI Financial Services
REWARDS NETWORK INC DINE Financial Services
ROCKWELL MEDICAL TECH RMTI Health Care
SHENGDA TECH INC SDTH Materials & Processing
SHORE BANCSHARES INC SHBI Financial Services
SMARTHEAT INC HEAT Producer Durables
SMITHTOWN BANCORP INC SMTB Financial Services
SOHU COM INC SOHU Technology
SOUTH FINANCIAL GROUP TSFG Financial Services
STANLEY FURNITURE CO INC STLY Consumer Discretionary
STARTEK INC SRT Producer Durables
STERLING FINL CORP WA STSA Financial Services
SULPHCO INC SUF Energy
SUN BANCORP INC NJ SNBC Financial Services
SUREWEST COMMUNICATIONS SURW Utilities
SUTOR TECH GROUP LTD SUTR Materials & Processing
SYMS CORP SYMS Consumer Discretionary
TGC INDUSTRIES INC TGE Energy
TODD SHIPYARDS CORP TOD Producer Durables
TOREADOR RESOURCES CORP TRGL Energy
TOWN SPORTS INTL CLUB Consumer Discretionary
TRANS1 INC TSON Health Care
TRANSCONTINENTAL REALTY TCI Financial Services
TREE.COM INC TREE Financial Services
U S GEOTHERMAL INC HTM Energy
U S GLOBAL INVS INC GROW Financial Services
ULTRALIFE CORPORATION ULBI Producer Durables
UNITED SECURITY BANC INC USBI Financial Services
UNIVERSAL TRAVEL GROUP UTA Consumer Discretionary
URANERZ ENERGY CORP URZ Materials & Processing
UTAH MED PRODS INC UTMD Health Care
VALENCE TECHNOLOGY INC VLNC Producer Durables
VALHI INC VHI Materials & Processing
WEB.COM GROUP INC WWWW Technology
WESTMORELAND COAL CO WLB Energy
WILBER CORP GIW Financial Services
WILLIS LEASE FINANCE WLFC Producer Durables
WONDER AUTO TECH INC WATG Consumer Discretionary
YADKIN VALLEY FINL CORP YAVY Financial Services
YRC WORLDWIDE INC YRCW Producer Durables
ZALE CORP ZLC Consumer Discretionary
ZHONGPIN INC HOGS Consumer Staples
ZION OIL & GAS INC ZN Energy
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