Seeking Premium: 20 High Delta High Stock Return Option Strategies

With less than 2 weeks until the next option expiration, I wanted to put together a list of buy/write option strategies on strong stocks (based on one of my methods of finding bullish stocks), that had a greater than or equal to 50% current probability of expiring in the money on July 18, 2009 (closest current option expiration), and gave decent downside protection as well as a decent return if the option expires in the money and the stock is sold at the strike price.

The list below includes: Company name (sorted alphabetically), Ticker, Strike Price (noted by Strike, all for July options expiration), Downside Protection in % (noted by Downside), Return on Buy/Write option strategy in % if stock gets called out at expiration (noted by Return), Current probability in % option market is factoring in that the stock meets or exceeds strike price at expiration (noted by Prob.), and if the stock is currently above the strike price known as in the money (noted by IN$).

Company		Ticker	Strike	Downside	Return	Prob.
Akamai Technologies		AKAM	19	5.14	2.88	61		IN$
Amazon.Com		AMZN	75	6.74	1.3	76		IN$
Apple		AAPL	140	2.48	2.46	51.7		IN$
Baidu Ads		BIDU	290	5.22	3.59	51.5
Celgene		CELG	46	3.81	2.25	59.9		IN$
Citrix Systems		CTXS	30	5.94	2.21	67.3		IN$
Cognizant Tech Sol Cl A		CTSH	25	6.95	0.9	80.1		IN$
Express Scripts		ESRX	65	3.82	1.93	62.8		IN$
Fiserv		FISV	45	2.11	1.91	51.6		IN$
Gilead Sciences		GILD	46	2.29	2.51	50.2
Google		GOOG	410	3.35	3.72	50.1
Infosys Technologies Ads		INFY	35	6.21	2.87	64.1		IN$
Joy Global		JOYG	34	5.1	4.14	55.5		IN$
Juniper Networks		JNPR	23	4.88	2.55	62		IN$
Life Technologies		LIFE	40	3.03	2.38	55.5		IN$
O Reilly Automotive		ORLY	35	7.75	1.26	77.7		IN$
Oracle		ORCL	21	2.04	1.85	51.4		IN$
Research In Motion		RIMM	70	3.26	3.67	50
Ross Stores		ROST	37.5	3.17	2.14	58.3		IN$
Yahoo		YHOO	15	3.27	3.34	50.7

The table above allows you to see which stocks (out of my list of 20 chosen) have the best chances at the highest possible returns ("best bang for your buck"). I use this method to choose which stocks I'll be buying to write out immediately. As a higher risk investor, from this table I am most interested in the following stocks: Yahoo (YHOO), Baidu (BIDU), Research in Motion (RIMM), Google (GOOG), and Joy Global (JOYG). This is because all five of these stocks have higher than average returns (assuming they expire above the indicated strike price). A more conservative investor may be interested in choosing the stocks which yield the most downside protection and highest probability of getting assigned at option expiration. You can view printable spreadsheets of the 20 stocks analyzed in this report ranked in order from least to greatest: Return %, Downside Protection %, and % Probability of expiring in the money, at the bottom of this post.

I like using this strategy because even if I'm not called out on the Stock/ETF (at expiration), I'll still have it to write out again at my desired strike price and date again for another premium. Check out my Option E-Books to learn about more strategies such as straddles, strangles, spreads, like the ones mentioned above, options pricing, and more.

To get an idea of what the Sector ETF's are bringing for premiums I have put together a list of the most popular sector SPDR ETF's below.

Sector		Ticker		Strike			Downside			Return			Prob.
Consumer Discret		XLY		22			3.59			2.29			61.5		IN$
Consumer Staples		XLP		22			4.72			0.83			82.5		IN$
Energy		XLE		46			2.79			2.45			53.8		IN$
Financial		XLF		11			5.67			1.57			71.7		IN$
Health Care		XLV		25			3.5			0.58			76.4		IN$
Industrial		XLI		21			3.51			1.83			61.6		IN$
Materials		XLB		25			2.98			2.39			53		IN$
Technology		XLK		17			5.44			0.79			80.3		IN$
Utilities		XLU		27			2.73			1.13			62.7		IN$

As you can see these are even better for a conservative investor, as they have very high downside protection (average of 3.88% among the 9 ETF's analyzed) and a greater than two-thirds chance of expiring in the money at option expiration. However the trade off is that the average return % (assuming the ETF is called out at expiration) is almost 40% lower than the average return for the 20 individual stocks.

Printable Spreadsheets (click on image to enlarge):

Stocks ranked by Downside Protection %:
Stocks ranked by Return %:
Stocks ranked by % Probability:



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Broker Review: Cheap Commissions and Great Trading Tools - So Far Super Impressed!

Monday I started trading with a new company known as Options House. I can't believe how easy their platform is, and how cool and useful their tools are considering each stock trade is a flat fee of $2.95, and each option trade is a flat fee of $9.95 (unlimited contracts!) and absolutely no hidden fees! I decided to share this so all my blog readers could know how impressed I am with them. When I said cool and useful tools, I meant it, just read on below and I'll tell you about some of my favorite tools and provide you with a few screen shots of them. Perhaps the best part of all is that you can try all the tools for free without funding a penny into your account. You'll need to open an account, and then you can add as many virtual dollars to your account as you want. I was impressed with the virtual trading, as it is very accurate! Also this is one of very few virtual trading programs that allows you to trade options at real time quotes, which is extremely cool! For you beginner option traders out there, I recommend this before you jump into the real thing!

You can virtual trade at optionhouse.com by simply opening an account, and logging in -then you're ready for virtual trading!

Below is a screen shot of the different tools they offer (click image to enlarge):

All of the investigator tools are great! It will actually save me a ton of time to use these investigator tools. For example the covered call investigator allows me to get a general annual earnings return, based on current percentages. So as the screen shot shows below, I could purchase FAZ and sell the August 57 for a potential bid of 8.80 a share (bid and ask prices split in the middle) or $880 per contract. It calculates the potential annual return and the downside protection for that as well (click image to enlarge).

Not to mention they have a really cool probability calculator for options. I wanted to see what the current probability was for the S&P 500 to close above 900 for the July option expiration (Saturday July 19, 2009). It returns much more than that. Check out the probability screen shot below (click on image to enlarge).

As you can see all I had to do was put in the symbol, put in values for low target price and high target price (leaving all other fields as defaults), and the probability for finishing below the lower target, finishing between the two targets, and finishing above the higher target was calculated almost instantaneously.

I must say I am very impressed with this trading platform!



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Firework Stock Picks: Breakout Stocks on High Volume

For the fourth of July, I thought I would do a special report on four names which have experienced a large upside move (near 2 month high) on extremely high volume (compared to 3 month average for stock volume). Moving up is always a good sign for any stocks, on BIG volume is an even better sign.

The four stocks are listed below:

Company	Symbol	% Change	Avg Volume	Volume Thursday
Leading Brands	LBIX	25.53	129,841	918,587
Labopharm Inc	DDSS	17.70	172,459	969,465
Oshkosh Corp	OSK	8.14	1,552,530	6,191,449
Orexigen Therapeutics	OREX	6.78	427,136	647,301

The stocks are ranked in order from the greatest % volume change (above volume) to least. It also happens to be their % change on Thursday.


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Stock Market is Closed & I'm Enjoying the Day Off

It is nice to be able to spend time with family today, as the stock market is closed. I will be posting some material later tonight with my "Independence Day Firework Stock Picks". These are stocks I'll be watching that have moved up on a significant volume increase. Thanks for reading my stocks and options trading blog, and I hope you all have a wonderful holiday weekend! Sphere: Related Content

Stock Market Finishes Week WEAK! Perhaps Market will Pull Back Slightly

To finish this short trading week the indices finished the day lower. This sell off was sparked after a dismal jobs report. The Dow Jones Industrial Average finished lower by 223.32 points, S&P 500 lower by 26.91 points, and the NASDAQ lower by 49.20 points.

Looking at the charts we can see a bearish pattern has formed, the head and shoulders pattern. The chart below of the S&P SPDR (SPY) is marked up to illustrate this pattern.

(click to enlarge)


A bullish sign would be an uptrend pattern which is higher highs and higher lows. However as you can see after the market peaked in early June (black line labeled top of head) and a bounce off resistance in later June (black line labeled bottom of right shoulder), we did not set new highs before selling off or forming the second (right) shoulder. A critical point to hold above is 89 on the SPY. If we can hold above 89, and eventually break above the 93 range on the SPY, I think we have a shot at testing the highs of 96 and eventually moving higher. However, if we break below 89 on the SPY, I believe the S&P will be in a downtrend until 85 on the SPY (850 range on the S&P 500).

The only silver lining from Thursday's sell off was that the volume was on the lighter side.


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Life Takes Visa. When Will the S&P 500?

In recent blog posts I've talked about the DOW effect, Russell effect, so I decided I would devote this post to the S&P effect. The S&P 500, much like the DOW has a committee which selects the stocks in the index. I believe it's only a matter of time before Visa (V) is added to the S&P 500. I believe this because Visa is the last credit card giant not listed in the index, not to mention Visa is larger and more profitable than all four of the similar companies currently listed in the index. These companies are: American Express (AXP), Capital One (COF), Discover Financial (DFS), and (Mastercard (MA). Visa's current market cap is actually bigger than any two of the four added together. The table below is each of the companies listed above ranked by market cap.

Company	Market Cap
Visa Inc	52,684,342,094
American Express Co	27,135,604,733
MasterCard Inc	21,644,275,337
Capital One Financial Corp	8,661,328,948
Discover Financial Services	4,946,050,706

When a company is added to a benchmark index like the S&P 500 the stock usually gains strength and popularity. The reason behind this is there are a lot of funds which start accumulating shares of the stock added as they want to track the performance of the S&P 500.

I started paying attention to the S&P effect back when it was announced on mid day March 23, 2006 that Google (GOOG) was going to be added to the S&P 500 on March 31, 2006. I noticed Google popped over 9% after the news broke, and rose by over 7.5% the next day on the news, and continued to rally until the most recent market downturn.

Year to date there have been 11 additions (equally 11 deletions) to the S&P 500 index. To track the recent performance of how stocks react to being added to the S&P 500, I have selected the 11 stocks added this year, and calculated their % change the day it was announced that they were going to be added to the S&P 500 index (usually announced after hours, 1 week prior to the add date), and their performance since the announcement (by now all 11 have joined the index). The S&P 500 announces these changes before the company is added to the index unlike the Russell 3000, therefore the stocks will usually experience a great amount of buying on the news versus when it is actually added. I could not find the exact dates the news was released for all 11 of these companies, so for those stocks I could not find the date the news was released, I use a time of 1 week before the stock was added to the index.

Company	Ticker	Date	Stock Performance
			Day Added	Since Added
DeVry Inc.	DV	6/8/09	5.00%	12.83%
FMC Technologies Inc.	FTI	6/4/09	6.91%	-3.47%
Denbury Resources Inc.	DNR	4/1/09	0.12%	-9.24%
Time Warner Cable Inc.	TWC	3/27/09	-5.05%	16.65%
O'Reilly Automotive Inc.	ORLY	3/26/09	1.80%	8.80%
Northeast Utilities	NU	3/16/09	1.63%	13.36%
Ventas Inc.	VTR	3/3/09	9.62%	34.87%
Hormel Foods Corp.	HRL	3/3/09	2.66%	8.11%
Diamond Offshore Drilling Inc.	DO	2/25/09	1.85%	37.36%
Health Care REIT	HCN	1/29/09	3.99%	-8.04%
Iron Mountain	IRM	1/5/2009	13.41%	44.98%

To get a better idea of how Visa may react, we can look at Mastercard which was added to the S&P 500 on July 17, 2008, however it was announced after hours July 10, 2008. The stock quickly rose almost 5% after hours, but finished the next day of trading higher by 1.64% following the announcement. The shares rose higher by almost 14% by the day they were added, which happens to be the current 52 week high (290.96 on July 17, 2008). Mastercard is down 33.41% since it was added, but given the market we've had since July 2008 that is certainly understandable.

So if life takes Visa, then why not the S&P 500? I think it's only a matter of time before the king of credit cards gets added to the index. I have been accumulating Visa for a long time. Getting a spot in the S&P 500 is not my reason for investing in Visa, but it will be a bonus when they do get added to the S&P 500. I'll put my money on Visa because one it's a great American company (and icon), and two I think if (and it's also only a matter of time) retail rebounds (consumer confidence increases and people spend money) in the U.S., Visa is sure to benefit from it. I would buy Visa below 60 a share, which would put a dividend yield of 0.7% which isn't too bad considering they are expected to grow earnings by 25% over 2009, and 19% in 2010.

Another way to Invest in Visa: Using Leap Call Options

Another way I've been investing in Visa is buying the Leap 2011 call options. When Visa was in the low 40's early this year, I purchased several in the money call options for the January 2011 40 strike for less than $800 per contract. Today these same contracts can be sold at a bid of $2250 per contract. I do not plan on selling anytime soon as I have over 550 days until expiration, but I may look at selling half of the contracts out for the same expiration at a higher strike (also known as a call spread). Today I could buy the January 2011 60 strike call options for roughly $1300 per contract. Visa is at 62.26 per share, which puts this option in the money by $2.26, in order to break even from this position (assuming one waited until expiration) Visa would need gain 18.3% by January 2011 (this assumes Visa keeps their dividend steady, which would pay out 63 cents over this period).

So breaking this down one could open a long position with 100 shares of Visa today for $6,226, or the rights to 500 shares of the stock at $60 until January 2011 for roughly $6500. I think Visa is capable of getting to $100 by January 2011, but being conservative I'll take the current 52 week high, which is $82 a share. Let's say Visa is at $82 a share come January 2011 and I decide to get out of my position. If I opened a position with 100 shares of Visa I would have made a profit of $2,037 or 32.7% (includes dividends). If I opened 5 option contracts for the Visa January 2011 $60 strike I could exercise the options and purchase the stock on that day for $60 a share. This strategy would give me a profit of $4,500 or 69.2%. To learn more about options and opening a position like this check out my option E-Books.

This is a bullish strategy and note that if Visa is at $64.99 per share or less at expiration 100% of the investment will be lost, while a slight gain would have been made by purchasing the common shares.


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Weekly Bull Stock Watch: A Tall List for the Short Week

In this week's report I am covering 20 different stocks, as I have found many stocks with very bullish techincals on them. This week there does not seem to be a specific trend among the stocks like last week's, which were mostly from the healthcare sector. To get a detailed list of what I screen for in the Bull to Bear ratio check out my blog post here.

The stocks in the list below are ranked alphabetically.

Company	Ticker	Bull to Bear Ratio
3PAR Inc	PAR	14:0
Acme Packet Inc	APKT	14:0
Air Transport Services Group Inc	ATSG	14:0
Allied Healthcare International Inc	AHCI	13:0
Avanir Pharmaceuticals Inc	AVNR	14:0
AVI BioPharma Inc	AVII	14:1
BioScrip Inc	BIOS	14:0
Bovie Medical Corp	BVX	14:0
Bridgepoint Education Inc	BPI	13:0
Cray Inc	CRAY	14:0
Endologix Inc	ELGX	14:0
Lannett Co Inc	LCI	15:1
MoneyGram International Inc	MGI	14:0
Rackspace Hosting Inc	RAX	14:0
Rockwell Medical Technologies Inc	RMTI	14:0
Spectrum Control Inc	SPEC	14:0
York Water Co	YORW	14:0
Youbet.com Inc	UBET	14:0
Zion Oil and Gas Inc	ZN	15:1

All of the stocks listed above have excellent technicals on them; however I like 3PAR, and Rackspace Hosting. The reasons and how I am trading them are detailed below.

The Trades:

3PAR (PAR): is a utility storage company, which has a ton of potential growth in the future. The company has been listed for less than a year, and they currently make money. The estimated earnings growth rate for 2010 is 78%, and 125% in 2011. This stock has already been on a tear but by looking at the chart, I think it can keep going. If you can chart stocks, take a look at the ascending triangle formed on this stock where it ran into resistance at the 11 range. As of Wednesday the stock closed above resistance at 11, and kept on moving up. Friday the stock ripped above its 10 day moving average. It will be interesting to see if this stock can keep up the move.

I will be accumulating some call options on this stock on any weakness. I am most interested in the July or August 12.50 call options. To learn more about options click here.

Rackspace Hosting (RAX): is a company in the business of hosting and cloud computing. They also make money and have huge potential growth. The expected earnings growth rate for 2009 is 130%, and 43% for 2010. On Friday the stock exploded 7% to the upside with conviction. The 10 day average volume for this stock is just over half a million shares, the volume Friday was 6.89 million shares. There is an investor conference call Tuesday June 30, which would be great to get in on if you're interested in this company; I know I'll be listening in.

I will be looking to get into some call options as well on this company. As of now they do not have any options out above the 15 strike range. I think I will be looking to scoop up some call options on this for the September 15 strike, and hope for a pop so I can complete a call spread on this stock to return some of my risk immediately (for more info on call spreads and other advanced option strategies click here).

Opening call positions is very risky as you can lose 100% of your investment if the desired strike is not met, however the return can be much greater than holding common shares. I purchase calls when stocks have experienced a large gain in a short time period, as these quick risers can crash just as fast. However if I were purchasing common shares of these companies I would wait for a 7%-10% pull back, and would use tight stop losses.


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5 Reasons why I'm Buying Gulfport Energy

Recently I have been posting about a stock Gulfport Energy (GPOR) and how I am bullish on it. Recently we've experienced a slight pull back on the stock and I've been accumulating shares of the stock. Recently I have also started using a new strategy as this stock can move down very fast and although I can lose 100% of my investment it is less than 2% of the risk of buying the common shares and watching the stock go to zero.

My reasons for purchasing the stock are below:

First Reason for purchasing the stock: The stock ranks high on both of my methods of finding and evaluating stocks. The current bull to bear ratio is 12:0, and the current IBD is an A- which is still a buy signal from them. To get more info on these stock rating methods check out the posts under my "hottest blog posts" section.

Second Reason for purchasing the stock: The stock has formed an ascending triangle showing a resistance point at around 6.40 a share, and has broken above it. Usually with these ascending triangles the stock can experience a gain in the height of the triangle or more. Look at the chart below (click chart to enlarge).

Third Reason for purchasing the stock: As you can also see from the chart above the 4+% move up Friday was accompanied by large increase in volume. The 10 day volume for this stock is 402.7 thousand shares, Friday the stock traded very heavy volume of over 1 million shares. The price increase with volume increase is a very bullish sign.

Fourth Reason for purchasing the stock: The stock crossed up above both the 10 and 50 day moving averages and held strongly above both into Friday's session. The chart of this can be seen below the 10 day average is the blue line, the 50 day is the darker green line (click chart to enlarge).


Fifth Reason for purchasing the stock: As you can also see from the chart above, the stock crossed up above the 100 day moving average as of Friday and closed above it.

The Trade:

I have been speculating with this stock by purchasing the July 7.50 Call contracts. The theoretical price at which they can be purchased is $10 a piece. To learn more about opening a call position check out my option E-Book which covers the basics. The volume on these calls is not too heavy, so use caution if planning on opening a position.

If you do not like this method you could always purchase the common shares and write the options out on the stock.

These are just a few of the reasons I have been buying this stock, and plan to purchase more. I will be selling into strength.


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A Sirius Sell Off: The Russell Effect

As you may have noticed Sirius took a nose dive in the last 10 minutes of trading Friday, closing down over 20%. The 10 day average volume for Sirius is 67.5 million shares, however on Friday the stock traded over 432 million shares (including after hours). With roughly 100 million shares traded at 3 PM, Sirius volume exploded in the final hour, especially in the final 10 minutes and into after hours. This is most likely due to Sirius being deleted from the Russell Index.

As a recent article by Mark Hulbert on MarketWatch states about the Russell Reconstitution:

So much money is invested in index mutual funds that adding or deleting a stock from a widely followed index has a huge impact on its price.

A stock that is added to an index, for example, will automatically be purchased by all funds benchmarked to that index, propelling its stock higher. Conversely, a stock that is deleted will automatically be sold, forcing its price downward.

Note carefully, however, that these big price swings have nothing to do with the stocks' fundamentals. So issues that have been added to an index will presumably become overvalued relative to stocks that have been deleted.

In after hours, Sirius traded as high as 48 cents but finished trade up 6 cents (16.67%) to 42 cents. The current bid ask spread is .415/.42. Sirius had a nice move up Thursday on the news of a strong debt sale, so it will be interesting to see if Sirius can hold this after hours gain into Monday. I am lucky I didn't have any stop loss orders in for Sirius as I would have sold at the wrong time.

To get an entire list of stocks added and deleted from the Russell Index on June 26, 2009 Check out my blog post Russell Reconstitution Stocks Added and Deleted from the Index.

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Russell Reconstitution Stocks Added and Deleted from the Index

Today was the the Russell Reconstitution where stocks are added and deleted from the index. I thought it would be worth noting which stocks were added and deleted from the Russell 3000 index today. The list below is taken directly from the Russell website.

Stocks Added to Russell Index 2009 (276 Changes):

Company	Symbol	Sector
ABOVENET INC	ABVT	Technology
ACACIA RESEARCH CORP	ACTG	Technology
ACTIVIDENTITY CORP	ACTI	Technology
AIR TRANSPORT SERVICES	ATSG	Producer Durables
ALLIANCE FINANCIAL CORP	ALNC	Financial Services
ALLIED HEALTHCARE INTL	AHCI	Health Care
ALLION HEALTHCARE INC	ALLI	Health Care
AMERICA SERVICE GROUP	ASGR	Health Care
AMERICAN CARESOURCE HLDG	ANCI	Health Care
AMERICAN DENTAL PARTNERS	ADPI	Health Care
AMERICAN ITALIAN PASTA	AIPC	Consumer Staples
AMERICAN NATL BANKSHARES	AMNB	Financial Services
AMERICAN PHYSICIANS	AMPH	Financial Services
AMERICAN REALTY INVESTOR	ARL	Financial Services
AMICAS INC	AMCS	Technology
APAC CUSTOMER SERVICES	APAC	Producer Durables
ARGAN INC	AGX	Producer Durables
ARTESIAN RESOURCES CORP	ARTNA	Utilities
ARYX THERAPEUTICS INC	ARYX	Health Care
ASPECT MEDICAL SYSTEMS	ASPM	Health Care
ASTRONICS CORP	ATRO	Producer Durables
ATS MEDICAL INC	ATSI	Health Care
AUBURN NATL BANCORP	AUBN	Financial Services
AVANIR PHARMACEUTICALS	AVNR	Health Care
AVI BIOPHARMA INC	AVII	Health Care
BANCORP INC	TBBK	Financial Services
BANCORP RHODE ISLAND INC	BARI	Financial Services
BANK KY FINL CORP	BKYF	Financial Services
BANK OF MARIN BANCORP	BMRC	Financial Services
BAR HBR BANKSHARES	BHB	Financial Services
BARRETT BUSINESS SERVICE	BBSI	Producer Durables
BENIHANA INC	BNHNA	Consumer Discretionary
BIOCRYST PHARMACEUTICALS	BCRX	Health Care
BIODELIVERY SCIENCES	BDSI	Health Care
BIOSCRIP INC	BIOS	Health Care
BIOSPECIFICS TECHNO CORP	BSTC	Health Care
BLUELINX HOLDINGS INC	BXC	Materials & Processing
BOOKS-A-MILLION INC	BAMM	Consumer Discretionary
BOOTS & COOTS INTL	WEL	Energy
BOVIE MEDICAL CORP	BVX	Health Care
BRIDGE BANCORP INC	BDGE	Financial Services
BRIDGEPOINT ED INC	BPI	Consumer Discretionary
BROADWIND ENERGY INC	BWEN	Producer Durables
CALIFORNIA FIRST NATL	CFNB	Financial Services
CAPE BANCORP INC	CBNJ	Financial Services
CARDIOVASCULAR SYS INC	CSII	Health Care
CARDIUM THERAPEUTICS INC	CXM	Health Care
CARIBOU COFFEE CO INC	CBOU	Consumer Discretionary
CARMIKE CINEMAS INC	CKEC	Consumer Discretionary
CARROLS RESTAURANT GRP	TAST	Consumer Discretionary
CATAPULT COMMUNICATIONS	CATT	Technology
CELL THERAPEUTICS INC	CTIC	Health Care
CENTER BANCORP INC	CNBC	Financial Services
CENTURY BANCORP INC	CNBKA	Financial Services
CHASE CORP	CCF	Materials & Processing
CHELSEA THERAPEUTICS INT	CHTP	Health Care
CHEVIOT FINANCIAL CORP	CHEV	Financial Services
CHICOPEE BANCORP INC	CBNK	Financial Services
CHINA AUTOMOTIVE SYSTEMS	CAAS	Consumer Discretionary
CHINA GREEN AGRICULTURE	CGA	Consumer Staples
CHINA HOUSING & LAND DEV	CHLN	Financial Services
CHINA TRANSINFO TECHNLGY	CTFO	Technology
CHINA-BIOTICS INC	CHBT	Consumer Staples
CHINACAST EDU CORP	CAST	Consumer Discretionary
CITIZENS HLDG CO MISS	CIZN	Financial Services
CLARIENT INC	CLRT	Health Care
CNB FINL CORP PA	CCNE	Financial Services
COMMUNICATIONS SYSTEMS	JCS	Technology
COMPUTER TASK GROUP INC	CTGX	Technology
CONTINUCARE CORP	CNU	Health Care
CORNERSTONE THERAPEUTICS	CRTX	Health Care
CPI CORP	CPY	Consumer Discretionary
CREDO PETROLEUM CORP	CRED	Energy
CUBIC ENERGY INC	QBC	Energy
CURIS INC	CRIS	Health Care
CUTERA INC	CUTR	Health Care
D & E COMMUNICATIONS INC	DECC	Utilities
DDI CORP	DDIC	Producer Durables
DELCATH SYS INC	DCTH	Health Care
DESTINATION MATERNITY	DEST	Consumer Discretionary
DIAMOND MGMT & TECH INC	DTPI	Producer Durables
DIEDRICH COFFEE INC	DDRX	Consumer Staples
DIGITALGLOBE INC	DGI	Technology
DYNAMICS RESEARCH CORP	DRCO	Technology
DYNEX CAPITAL INC	DX	Financial Services
EAGLE BANCORP INC	EGBN	Financial Services
EASTERN CO	EML	Materials & Processing
EASTERN INSURANCE HLDGS	EIHI	Financial Services
ELECTRO-OPTICAL SCIENCES	MELA	Health Care
ELOYALTY CORP	ELOY	Technology
ENDOLOGIX INC	ELGX	Health Care
ENTEROMEDICS INC	ETRM	Health Care
ENTERPRISE BANCORP INC	EBTC	Financial Services
EPLUS INC	PLUS	Technology
ESB FINANCIAL CORP	ESBF	Financial Services
FEMALE HEALTH CO	FHCO	Consumer Staples
FIBERNET TELECOM GRP INC	FTGX	Utilities
FIRST CALIFORNIA FINL GR	FCAL	Financial Services
FIRST DEFIANCE FINANCIAL	FDEF	Financial Services
FIRST FINL SVC CORP	FFKY	Financial Services
FIRST LONG ISLAND CORP	FLIC	Financial Services
FLORIDA PUBLIC UTILITIES	FPU	Utilities
FRANKLIN COVEY CO	FC	Consumer Discretionary
FRISCHS RESTAURANTS INC	FRS	Consumer Discretionary
GANDER MOUNTAIN COMPANY	GMTN	Consumer Discretionary
GERMAN AMERICAN BANCORP	GABC	Financial Services
GLADSTONE COMMERCIAL	GOOD	Financial Services
GP STRATEGIES CORP	GPX	Producer Durables
GREAT SOUTHERN BANCORP	GSBC	Financial Services
GREEN PLAINS RENEWABLE	GPRE	Energy
GSE SYS INC	GVP	Technology
GSI TECHNOLOGY	GSIT	Technology
HAMPTON ROADS BANKSHARES	HMPR	Financial Services
HARVARD BIOSCIENCE INC	HBIO	Health Care
HAWK CORP	HWK	Materials & Processing
HAWKINS INC	HWKN	Materials & Processing
HEALTH GRADES INC	HGRD	Producer Durables
HEARTWARE INTL INC	HTWR	Health Care
HECKMANN CORP	HEK	Consumer Staples
HEMISPHERX BIOPHARMA INC	HEB	Health Care
HERITAGE CRYL CLEAN INC	HCCI	Producer Durables
HERITAGE FINANCIAL CORP	HFWA	Financial Services
HERITAGE FINANCIAL GROUP	HBOS	Financial Services
HICKORY TECH CORP	HTCO	Utilities
HI-TECH PHARMACAL CO INC	HITK	Health Care
HOME BANCORP INC	HBCP	Financial Services
HOME DIAGNOSTICS INC	HDIX	Health Care
IMERGENT INC	IIG	Technology
IMPAX LABORATORIES INC	IPXL	Health Care
INCONTACT INC	SAAS	Utilities
INFINITY PHARMACEUTICALS	INFI	Health Care
INFORMATION SERVICES GRP	III	Financial Services
INNODATA ISOGEN INC	INOD	Producer Durables
INSMED INC	INSM	Health Care
INTELLON CORP	ITLN	Technology
IPASS INC	IPAS	Consumer Discretionary
ISRAMCO INC	ISRL	Energy
ISTA PHARMACEUTICALS INC	ISTA	Health Care
JMP GROUP INC	JMP	Financial Services
K FED BANCORP	KFED	Financial Services
KENTUCKY FIRST FEDERAL	KFFB	Financial Services
KIRKLANDS INC	KIRK	Consumer Discretionary
KVH INDUSTRIES INC	KVHI	Technology
LAKES ENTERTAINMENT INC	LACO	Consumer Discretionary
LANNETT CO INC	LCI	Health Care
LCA-VISION INC	LCAV	Health Care
LEGACY BANCORP INC	LEGC	Financial Services
LIONBRIDGE TECHNOLOGIES	LIOX	Technology
LITHIA MOTORS INC	LAD	Consumer Discretionary
LIVEPERSON INC	LPSN	Technology
LODGENET INTERACTIVE	LNET	Consumer Discretionary
LOGILITY INC	LGTY	Technology
MAC-GRAY CORP	TUC	Producer Durables
MAIN STREET CAPITAL CORP	MAIN	Financial Services
MAKO SURGICAL CORP	MAKO	Health Care
MATRIXX INITIATIVES INC	MTXX	Health Care
MAXIM INTEGRATED PRODS	MXIM	Technology
MCCORMICK & SCHMICKS	MSSR	Consumer Discretionary
MEDIFAST INC	MED	Consumer Staples
MEDQUIST INC	MEDQ	Health Care
MEMSIC INC	MEMS	Technology
MERCER INS GROUP INC	MIGP	Financial Services
MERCHANTS BANCSHARES	MBVT	Financial Services
MERGE HEALTHCARE INC	MRGE	Health Care
METROPOLITAN HEALTH NETW	MDF	Health Care
MICROMET INC	MITI	Health Care
MIDSOUTH BANCORP INC	MSL	Financial Services
MILLER INDUSTRIES INC	MLR	Producer Durables
MONEYGRAM INTERNATIONAL	MGI	Financial Services
MULTIMEDIA GAMES INC	MGAM	Consumer Discretionary
MYR GROUP INC DEL	MYRG	Producer Durables
NATIONAL BANKSHARES INC	NKSH	Financial Services
NAVISTAR INTL CORP NEW	NAV	Producer Durables
NETWORK EQUIPMENT TECH	NWK	Technology
NEUROGESX INC	NGSX	Health Care
NIVS INTELLIMEDIA TECH	NIV	Consumer Discretionary
NOBEL LEARNING CMNTYS	NLCI	Consumer Discretionary
NORTH AMERN GALVANZNG	NGA	Materials & Processing
NORTHEAST CMNTY BANCORP	NECB	Financial Services
NORTHRIM BANCORP INC	NRIM	Financial Services
NORWOOD FINANCIAL CORP	NWFL	Financial Services
NOVAMED INC	NOVA	Health Care
NUTRACEUTICAL INTL CORP	NUTR	Consumer Staples
OHIO VY BANC CORP	OVBC	Financial Services
OIL DRI CORP OF AMERICA	ODC	Materials & Processing
OLD POINT FINL CORP	OPOF	Financial Services
OMNOVA SOLUTIONS INC	OMN	Materials & Processing
ONCOGENEX PHARMAS INC	OGXI	Health Care
OPENTABLE INC	OPEN	Technology
OPENWAVE SYSTEMS INC	OPWV	Technology
ORCHIDS PAPER PRODS COMP	TIS	Consumer Staples
ORRSTOWN FINL SVCS INC	ORRF	Financial Services
OVERHILL FARMS INC	OFI	Consumer Staples
OXIGENE INC	OXGN	Health Care
PAR TECHNOLOGY CORP	PTC	Technology
PARAMOUNT GOLD & SILVER	PZG	Materials & Processing
PENNICHUCK CORP	PNNW	Utilities
PENNS WOODS BANCORP INC	PWOD	Financial Services
PEOPLES FINL CORP MISS	PFBX	Financial Services
PERMA-FIX ENVIRONMENTAL	PESI	Producer Durables
PERVASIVE SOFTWARE INC	PVSW	Technology
PONIARD PHARMA INC	PARD	Health Care
PORTEC RAIL PRODUCTS INC	PRPX	Producer Durables
PORTER BANCORP INC	PBIB	Financial Services
PRIMORIS SVCS CORP	PRIM	Producer Durables
PRUDENTIAL BANCORP INC	PBIP	Financial Services
QC HOLDINGS INC	QCCO	Financial Services
RAE SYSTEMS INC	RAE	Producer Durables
READING INTERNATIONAL	RDI	Consumer Discretionary
RED LION HOTELS CORP	RLH	Consumer Discretionary
RENTRAK CORP	RENT	Consumer Discretionary
REPROS THERAPEUTICS INC	RPRX	Health Care
REPUBLIC FIRST BANCORP	FRBK	Financial Services
REVLON INC	REV	Consumer Discretionary
REWARDS NETWORK INC	DINE	Financial Services
ROCHESTER MEDICAL CORP	ROCM	Health Care
ROCKWELL MEDICAL TECH	RMTI	Health Care
ROSETTA STONE INC	RST	Consumer Discretionary
SABA SOFTWARE INC	SABA	Technology
SANTARUS INC	SNTS	Health Care
SATCON TECHNOLOGY CORP	SATC	Producer Durables
SCICLONE PHARMACEUTICALS	SCLN	Health Care
SENECA FOODS CORP	SENEA	Consumer Staples
SIGA TECHNOLOGIES INC	SIGA	Health Care
SMARTHEAT INC	HEAT	Producer Durables
SOLARWINDS INC	SWI	Technology
SPECTRUM CONTROL INC	SPEC	Technology
SPECTRUM PHARMACEUTICALS	SPPI	Health Care
SPORT SUPPLY GROUP INC	RBI	Consumer Discretionary
SRS LABS INC	SRSL	Technology
STANDARD MOTOR PRODUCTS	SMP	Consumer Discretionary
STANLEY FURNITURE CO INC	STLY	Consumer Discretionary
STARTEK INC	SRT	Producer Durables
STEMCELLS INC	STEM	Health Care
STURM RUGER & CO INC	RGR	Consumer Discretionary
SUMTOTAL SYSTEMS INC	SUMT	Technology
SUPERGEN INC	SUPG	Health Care
SUREWEST COMMUNICATIONS	SURW	Utilities
SYNTROLEUM CORP	SYNM	Energy
TGC INDUSTRIES INC	TGE	Energy
TICC CAPITAL CORP	TICC	Financial Services
TIER TECHNOLOGIES INC	TIER	Technology
TODD SHIPYARDS CORP	TOD	Producer Durables
TOWER BANCORP INC	TOBC	Financial Services
TRANSCEND SERVICES INC	TRCR	Health Care
TRANSCONTINENTAL REALTY	TCI	Financial Services
TRAVELZOO INC	TZOO	Producer Durables
TRIANGLE CAPITAL CORP	TCAP	Financial Services
UMH PROPERTIES INC	UMH	Financial Services
UNITED SECURITY BANC INC	USBI	Financial Services
UNITIL CORP	UTL	Utilities
UNIVERSAL INSURANCE	UVE	Financial Services
UNIVERSAL TRAVEL GROUP	UTA	Consumer Discretionary
URANERZ ENERGY CORP	URZ	Materials & Processing
URANIUM ENERGY CORP	UEC	Materials & Processing
US AUTO PARTS NETWRK INC	PRTS	Consumer Discretionary
US GOLD CORP	UXG	Materials & Processing
USA TRUCK INC	USAK	Producer Durables
UTAH MED PRODS INC	UTMD	Health Care
VANDA PHARMACEUTICALS	VNDA	Health Care
VANTAGE DRILLING COMPANY	VTG	Energy
VASCULAR SOLUTIONS INC	VASC	Health Care
VICAL INC	VICL	Health Care
VIRAGE LOGIC CORP	VIRL	Technology
WASHINGTON BANKING CO	WBCO	Financial Services
WEST MARINE INC	WMAR	Consumer Discretionary
WHITE ELECTRONIC DESIGNS	WEDC	Technology
WILBER CORP	GIW	Financial Services
WILLIS LEASE FINANCE	WLFC	Producer Durables
X-RITE INC	XRIT	Producer Durables
YORK WATER COMPANY	YORW	Utilities
YOUBET COM INC	UBET	Consumer Discretionary
YOUNG INNOVATIONS INC	YDNT	Health Care
ZAPATA CORP	ZAP	Materials & Processing
ZION OIL & GAS INC	ZN	Energy
ZIX CORP	ZIXI	Technology

Stocks Deleted from Russell Index 2009 (276 Changes):

Company	Symbol	Sector
A. H. BELO CORP	AHC	Consumer Discretionary
ABRAXAS PETE CORP	AXAS	Energy
ACADIA PHARMACEUTICALS	ACAD	Health Care
ADVANTA CORP	ADVNB	Financial Services
AKEENA SOLAR INC DE	AKNS	Energy
ALEXZA PHARMACEUTICALS	ALXA	Health Care
AMCORE FINANCIAL INC	AMFI	Financial Services
AMERICAN OIL & GAS INC N	AEZ	Energy
ANCHOR BANCORP INC	ABCW	Financial Services
ARBOR REALTY TRUST INC	ABR	Financial Services
ARISTOTLE CORP	ARTL	Consumer Staples
ARLINGTON ASSET INVMT	AI	Financial Services
AUTHENTEC INC	AUTH	Technology
AXCELIS TECHNOLOGIES INC	ACLS	Technology
BANCTRUST FINANCIAL GRP	BTFG	Financial Services
BEACON POWER CORP	BCON	Producer Durables
BIDZ COM INC	BIDZ	Consumer Discretionary
BIOFORM MEDICAL INC	BFRM	Health Care
BLOCKBUSTER INC	BBI	Consumer Discretionary
BMB MUNAI INC	KAZ	Energy
CACHE INC	CACH	Consumer Discretionary
CALIPER LIFE SCIENCES	CALP	Health Care
CALLON PETROLEUM CO	CPE	Energy
CANO PETROLEUM INC	CFW	Energy
CAPITAL TRUST INC	CT	Financial Services
CAPITOL BANCORP LTD	CBC	Financial Services
CAPSTONE TURBINE CORP	CPST	Energy
CASCADE BANCORP	CACB	Financial Services
CASELLA WASTE SYSTEMS	CWST	Consumer Discretionary
CASUAL MALE RETAIL GROUP	CMRG	Consumer Discretionary
CELL GENESYS INC	CEGE	Health Care
CHAMPION ENTERPRISES INC	CHB	Consumer Discretionary
CHINA ARCHITECTURAL ENG	CAEI	Materials & Processing
CHINA DIRECT INDUSTRIES	CDII	Financial Services
CITY BANK	CTBK	Financial Services
COLEMAN CABLE INC	CCIX	Producer Durables
COLUMBIA LABORATORIES	CBRX	Health Care
COMMERCIAL VEHICLE GROUP	CVGI	Producer Durables
CORUS BANKSHARES INC	CORS	Financial Services
CUMULUS MEDIA INC	CMLS	Consumer Discretionary
DIGIMARC CORPORATION	DMRC	Technology
DOUBLE EAGLE PETROLEUM	DBLE	Energy
DOVER MOTORSPORTS INC	DVD	Consumer Discretionary
ELIXIR GAMING TECH INC	EGT	Consumer Discretionary
ENCORE BANCSHARES INC	EBTX	Financial Services
ENERGY XXI (BERMUDA) LTD	EXXI	Energy
ENTERCOM COMMUNICATIONS	ETM	Consumer Discretionary
ENTRAVISION COMM CORP	EVC	Consumer Discretionary
FEDERAL AGRIC MTG CO	AGM	Financial Services
FEDERAL HOME LN MTG	FRE	Financial Services
FEDERAL NATL MTG ASSOC	FNM	Financial Services
FIBERTOWER CORPORATION	FTWR	Utilities
FINISAR CORP	FNSR	Technology
FIRST PLACE FINANCIAL	FPFC	Financial Services
FIVE STAR QUALITY CARE	FVE	Health Care
FLOTEK INDS INC DEL	FTK	Energy
FRONTIER FINANCIAL CORP	FTBK	Financial Services
GASCO ENERGY INC	GSX	Energy
GEOGLOBAL RESOURCES INC	GGR	Energy
GEOMET INC	GMET	Energy
GERBER SCIENTIFIC INC	GRB	Producer Durables
GLOBAL TRAFFIC NETWORK	GNET	Consumer Discretionary
GLOBALSTAR INC	GSAT	Utilities
GRAY TELEVISION INC	GTN	Consumer Discretionary
GREEN BANKSHARES INC	GRNB	Financial Services
GREENHUNTER ENERGY INC	GRH	Energy
GRUBB & ELLIS CO	GBE	Financial Services
GUARANTY FINANCIAL GROUP	GFG	Financial Services
GUIDANCE SOFTWARE INC	GUID	Technology
HANMI FINANCIAL CORP	HAFC	Financial Services
HERITAGE COMMERCE CORP	HTBK	Financial Services
HOUSTON AMERICAN ENERGY	HUSA	Energy
HSW INTERNATIONAL INC	HSWI	Technology
HUDSON HIGHLAND GROUP	HHGP	Producer Durables
HUTCHINSON TECHNOLOGY	HTCH	Technology
HYPERCOM CORP	HYC	Technology
ICO GLOBAL COMM HLDGS	ICOG	Utilities
IDT CORP	IDT	Utilities
INGERSOLL-RAND CO LTD	IR	Producer Durables
INTEGRA BANK CORP	IBNK	Financial Services
JAZZ PHARMACEUTICALS INC	JAZZ	Health Care
KEY TECHNOLOGY INC	KTEC	Producer Durables
LADENBURG THALMAN FIN SV	LTS	Financial Services
LECG CORP	XPRT	Producer Durables
LEE ENTERPRISES INC	LEE	Consumer Discretionary
LODGIAN INC	LGN	Consumer Discretionary
LTX-CREDENCE CORP	LTXC	Technology
LYDALL INC	LDL	Producer Durables
MAGMA DESIGN AUTOMATION	LAVA	Technology
MAGUIRE PPTYS INC	MPG	Financial Services
MARINEMAX INC	HZO	Consumer Discretionary
MARSHALL EDWARDS INC	MSHL	Health Care
MATTSON TECHNOLOGY INC	MTSN	Technology
MAUI LAND & PINEAPPLE CO	MLP	Financial Services
MCCLATCHY CO	MNI	Consumer Discretionary
MEDIA GENERAL INC	MEG	Consumer Discretionary
MEDIS TECHNOLOGIES LTD	MDTL	Producer Durables
MERCER INTERNATIONAL INC	MERC	Materials & Processing
MERIDIAN RESOURCE CORP	TMR	Energy
MIDWEST BANC HOLDING	MBHI	Financial Services
MITCHAM INDUSTRIES INC	MIND	Energy
NATIONAL COAL CORP	NCOC	Energy
NAUTILUS INC	NLS	Consumer Discretionary
NEWCASTLE INVESTMENT	NCT	Financial Services
NEXTWAVE WIRELESS INC	WAVE	Technology
NN INC	NNBR	Materials & Processing
OCLARO INC	OCLR	Technology
ONE LIBERTY PROPERTIES	OLP	Financial Services
ORBCOMM INC	ORBC	Utilities
PACIFIC ETHANOL INC	PEIX	Energy
PALM HARBOR HOMES	PHHM	Consumer Discretionary
PARK OHIO HOLDINGS CORP	PKOH	Producer Durables
PATRIOT CAPITAL FUNDING	PCAP	Financial Services
PENFORD CORP	PENX	Materials & Processing
PLUG POWER INC	PLUG	Producer Durables
PRESSTEK INC	PRST	Producer Durables
PRG-SCHULTZ INTL INC	PRGX	Producer Durables
PROTECTION ONE INC	PONE	Producer Durables
QUANTUM FUEL SYS TECH	QTWW	Consumer Discretionary
QUEST RESOURCE CORP	QRCP	Energy
RAM ENERGY RESOURCES INC	RAME	Energy
REDDY ICE HOLDINGS INC	FRZ	Consumer Staples
RENTECH INC	RTK	Materials & Processing
REXAHN PHARMACEUTICALS	RNN	Health Care
RHI ENTERTAINMENT INC	RHIE	Consumer Discretionary
RICKS CABARET INTL INC	RICK	Consumer Discretionary
RIVIERA HOLDINGS CORP	RIV	Consumer Discretionary
RUSS BERRIE & CO INC	RUS	Consumer Discretionary
SANMINA-SCI CORP	SANM	Technology
SEACOAST BANKING CORP FL	SBCF	Financial Services
SIRIUS XM RADIO INC	SIRI	Consumer Discretionary
SONIC SOLUTIONS	SNIC	Technology
STRATUS PROPERTIES INC	STRS	Financial Services
SYNTHESIS ENERGY SYS INC	SYMX	Utilities
TARGACEPT INC	TRGT	Health Care
TERRESTAR CORP	TSTR	Technology
THERMADYNE HLDGS CORP	THMD	Producer Durables
THESTREET COM	TSCM	Financial Services
THOMAS PROPERTIES GROUP	TPGI	Financial Services
TRICO MARINE SERVICES	TRMA	Energy
TRI-VALLEY CORP	TIV	Energy
TYCO ELECTRONICS LTD	TEL	Technology
ULTRA CLEAN HOLDINGS INC	UCTT	Technology
UNITED CMNTY FINL CO	UCFC	Financial Services
UNITED SECURITY BANC	UBFO	Financial Services
URANIUM RESOURCES	URRE	Materials & Processing
VERSO PAPER CORP	VRS	Materials & Processing
VISION-SCIENCES INC	VSCI	Health Care
VONAGE HLDGS CORP	VG	Utilities
W HOLDING CO INC	WHI	Financial Services
WABASH NATIONAL CORP	WNC	Producer Durables
WEST COAST BANCORP	WCBO	Financial Services
XERIUM TECHNOLOGIES INC	XRM	Materials & Processing
XOMA LTD	XOMA	Health Care

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