Intraday market notes & observations – May 16

1:50pm ET: Interested in learning about covered calls? Check out our covered call strategy in the Cooking Recipes and also check out the CBOE website for more info. Just crossing my desk is a note saying that the CBOE will be doing a live tutorial on the Covered Call strategy tomorrow at high noon (Central Time).

1:50pm ET: Hi-income & preferred funds & stocks still attracting investor interest. Hitting new highs today:
Income funds: DHF (10.4%), FHI (9.4%), HYF (9.5%)
Preferred funds & trusts: FFC (8.5%); RBS preferred PG & PE (9%)

1:02pm ET: Intraday support/resistance: SPX 1331/1338
DTX 536.5/542.5
DJIA 12540/12660
Nasdaq 2797/2828
OEX 590.25/596.25
VIX 16.6/18
Trin range: 0.5 – 1.0
Average VWAPs: +24/-97 (moderately bearish)

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