MorningUpdate - Options Trading Email

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MORNING UPDATE: PriceWatch Alerts for MSFT, UNH, JPM, SLB, and 
More...

March 18 - 8:30 AM EST - Before the open... PriceWatch Alerts for 
MSFT, UNH, JPM, SLB, NEM, CVS, IP, X, PNC, and MMM, Market 
Overview, News Leaders and Laggards, and Today's Economic Calendar.

New PriceWatch Alerts for MSFT, UNH, JPM, SLB, NEM, CVS, IP, X, 
PNC, and MMM

PRICEWATCH ALERTS - HIGH RETURN COVERED CALL OPTIONS-------------- 
-- Microsoft Corporation (Nasdaq: MSFT) 
Last Price 28.30 - JUL 27.50 CALL OPTION@ $2.79 -> 7.8% Return 
(23.0% Annualized) assigned*  
-- Unitedhealth Group, Inc. (NYSE: UNH) 
Last Price 33.84 - JUN 30.00 CALL OPTION@ $5.40 -> 5.5% Return 
(20.9% Annualized) assigned*  
-- United States Steel Corp. (NYSE: X) 
Last Price 113.17 - APR 110.00 CALL OPTION@ $9.50 -> 6.1% Return 
(67.5% Annualized) assigned*  
-- PNC Financial Services Group Inc. (NYSE: PNC) 
Last Price 61.60 - APR 60.00 CALL OPTION@ $4.70 -> 5.4% Return 
(60.3% Annualized) assigned*  
-- 3M Co. (NYSE: MMM) 
Last Price 78.51 - JUL 75.00 CALL OPTION@ $6.90 -> 4.7% Return 
(13.9% Annualized) assigned* 

-- JPMorgan Chase & Co (NYSE: JPM) 
Last Price 40.31 - APR 40.00 CALL OPTION@ $3.20 -> 7.8% Return 
(86.1% Annualized) assigned*  
-- Schlumberger Limited (NYSE: SLB) 
Last Price 81.23 – APR 80.00 CALL OPTION@ $5.20 -> 5.2% Return 
(57.8% Annualized) assigned*  
-- Newmont Mining Corp. (NYSE: NEM) 
Last Price 53.38 - APR 52.50 CALL OPTION@ $3.50 -> 5.3% Return 
(58.1% Annualized) assigned*  
-- CVS Caremark Corp. (NYSE: CVS) 
Last Price 37.52 - MAY 37.50 CALL OPTION@ $2.10 -> 5.9% Return 
(35.1% Annualized) assigned*  
-- International Paper Co. (NYSE: IP) 
Last Price 29.47 - APR 30.00 CALL OPTION@ $1.20 -> 6.1% Return 
(67.7% Annualized) assigned*
 
 
*Annualized returns are shown for comparison purposes only
 
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NEWS LEADERS AND LAGGARDS-----------------------------------------
So far today, General Electric, Hewlitt-Packard, and Ambac 
Financial Group lead the list of companies with the most news 
stories while Sun Microsystems and Affiliated Computer Services are 
showing a spike in news. GlaxoSmithKline, AT&T, and Nasdaq Stock 
Market have the highest srtIndex scores to top the list of 
companies with positive news while Merck & Co. and Goldman Sachs 
lead the list of companies with negative news reports. Allscripts 
Healthcare Solutions has popped up with a high positive news 
sraIndex score.

MARKET OVERVIEW---------------------------------------------------
Overseas trading has bounced back this morning, as 9 of the 11 
foreign indices that we track are in positive territory.  The 
cumulative average return on the collective stands at a gain of 
0.65%.  In Asian trading, the Shanghai  index extended its loss to 
a fifth consecutive session as traders remained worried that 
China's central bank would continue to tighten monetary policy.  
Meanwhile, Japanese stocks ended higher for the first time in four 
sessions, with traders snatching up oversold financial stocks such 
as Mitsubishi UFJ Financial Group.  Australian, Hong Kong, and 
South Korean were mixed in overseas trading as crude-oil and metal 
prices pulled back overnight. Across the pond in Europe, the 
financial sector is on the mend, as investors looked past 
yesterday's fears and credit crunch concerns in favor of today's 
expected sharp cut in U.S. interest rates by the Federal Reserve.  
In stock news, NYSE Euronext (NYX) jumped 6% in Paris after its 
board has authorized the repurchase of up to $1 billion of its 
stock and approved a 20% increase in the company's annual dividend 
to $1.20.  Meanwhile, ADHD drugmaker Shire rose 4.8% after UBS said 
in a note that the brokerage doesn't rule out an AstraZeneca (AZN) 
offer for Shire.

Gold futures rallied as high as $1,033.90 an ounce on Monday, as 
the Fed's decision to issue a quarter-point rate cut and news from 
Bear Stearns and Lehman Brothers touched a nerve. However, the 
volatile session quickly spread into the metals pits, and gold's 
strength was undermined by weakness in the rest of the precious 
metals.  Copper for May delivery skidded 3.74%, June palladium fell 
5.6%, and May silver dropped 1.7%/  However, gold managed to hold 
its glitter by the close, finishing the session up $3.10 an ounce 
at $1,002.60.

Crude futures plummeted yesterday, allowing some temporary relief 
from the recent record high prices.  The per-barrel price of crude 
shed $4.51 to close at $104.42, in direct opposition to the 
direction normally taken after a Fed rate cut.  Typically, Fed 
action prompts a rise in oil prices. Some analysts believe that the 
sell-off, which occurred in the midst of a low U.S. dollar, a 
discount rate cut, and an expected rate cut this afternoon, 
suggests that momentum may have turned negative toward black gold.

PUT/CALL RATIO ---------------------------------------------------
Equity option activity on the CBOE saw 1,349,043 call contracts 
traded on Monday, compared to 1,814,576 put contracts.  The 
resultant single-session put/call ratio rose to 1.16, while the 21-
day moving average inched to 0.84.

TODAY'S ECONOMIC CALENDAR ----------------------------------------
8:30 a.m.     Feb    Housing Starts and Building Permits
8:30 a.m.     Feb    PPI
2:15 p.m.            FOMC Policy Statement

EARNINGS EXPECTED TODAY (w/current estimates) --------------------
ADBE  0.45
DRI   0.82
GME   1.12
GS    2.58
HWAY  0.33
LEH   0.72