Strategy Of The Week: Hewlett Packard In-the-money Covered Call

By John Manley DMSThe Technical PictureDuring the recent sell off, HPQ displayed a lot of relative strength vs. the overall markets. While many stocks were being slammed down to their lower 2 standard deviation Bollinger bands, HPQ was essentially able to maintain strong technical support around the middle 50 period moving average (See chart below- click to enlarge) at the $46 level. This type of price action is interesting and got my radar up for a potential long play on the stock.

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[Source: The Money Blogs]