MorningUpdate - Options Trading Email

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MORNING UPDATE: PriceWatch Alerts for INTC, V, ANF, DIS, and FNM

March 31 - 8:30 AM EST - Before the open... PriceWatch Alerts for 
INTC, V, ANF, DIS, and FNM, Market Overview, News Leaders and 
Laggards, and Today's Economic Calendar.

New PriceWatch Alerts for INTC, V, ANF, DIS, and FNM
 
PRICEWATCH ALERTS - HIGH RETURN COVERED CALL OPTIONS-------------- 
-- Intel Corp. (Nasdaq: INTC) 
Last Price 20.79 - JUL 20.00 CALL OPTION@ $2.18 -> 7.5% Return 
(24.1% Annualized) assigned*
-- Visa Inc. (NYSE: V)
Last Price 62.76 - APR 62.50 CALL OPTION@ $2.75 -> 4.1% Return 
(68.8% Annualized) assigned*
-- Abercrombie & Fitch Co. (NYSE: ANF) 
Last Price 72.50 - APR 72.50 CALL OPTION@ $3.00 -> 4.3% Return 
(71.6% Annualized) assigned*
-- Walt Disney Co. (NYSE: DIS) 
Last Price 31.00 - JUL 30.00 CALL OPTION@ $2.70 -> 6.0% Return 
(19.4% Annualized) assigned*
-- Fannie Mae (NYSE: FNM) 
Last Price 26.02 - APR 24.00 CALL OPTION@ $3.50 -> 6.6% Return 
(109.0% Annualized) assigned*
 
*Annualized returns are shown for comparison purposes only
 
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NEWS LEADERS AND LAGGARDS-----------------------------------------
So far today, Citigroup, Gold Fields Limited, and QUALCOMM, Inc. 
lead the list of companies with the most news stories while 
Discover Financial Services and SINA Corporation are showing a 
spike in news. ANSYS, Inc., Fortune Brands, and BHP Billiton Ltd. 
have the highest srtIndex scores to top the list of companies with 
positive news while Schering-Plough Corp. and Bank of America lead 
the list of companies with negative news reports. Teva Pharma has 
popped up with a high positive news sraIndex score.

MARKET OVERVIEW---------------------------------------------------
Overseas trading is pretty dour this morning, as only 1 of the 11 
foreign indices that we track is in positive territory.  The 
cumulative average return on the collective stands at a loss of 
1.48%.  In Asian trading, Japanese stocks were drug lower by 
financials such as Mizuho Financial Group on worries about global 
credit markets, while exporters such as Honda Motor fell as the yen 
gained strength versus the U.S. dollar. U.S. economic woes also 
plagued Indian stocks, with software exporters such as Infosys 
Technologies dropping sharply.  Finally, Shanghai-listed stocks 
slipped after authorities didn't announce any new measures to 
support the stock market. 

Across the pond in Europe, telecommunication stocks led a broad 
decline in Monday's trading.  Vodafone Group (VOD), in particular, 
skidded 3.3% after Morgan Stanley downgraded the shares to 
"underweight" from "overweight."  Banking stocks were also under 
pressure, after a Swiss newspaper reported that UBS may have to 
seek a capital increase of up to $16.1 billion.  

Gold futures took a turn south on Friday, as the U.S. dollar flexed 
a little muscle.  The recently weak greenback suddenly looked good 
in comparison to its British counterpart; the pound tumbled 
following a weaker-than-expected home-prices report from the U.K.  
The precious metal also took its lead from the sell-off in crude 
oil on Friday.  Gold for April delivery wrapped up the session on a 
loss of $17.50 at $936.50 an ounce, though the front-month contract 
gained $10.60 for the week.

Crude futures slipped on Friday, as investors' concerns about a 
supply disruption in Iraq began to dissipate. CNBC reported that 
the affected Iraqi pipeline should be back online late today.  The 
Commerce Department's report of weak consumer spending also sparked 
some selling pressure in the oil pits, with fresh demand concerns 
replacing supply woes.  By the close, May-dated crude shed $1.96, 
or nearly 2%, to settle at $105.62 per barrel.

PUT/CALL RATIO ---------------------------------------------------
Equity option activity on the CBOE saw 882,529 call contracts 
traded on Friday, compared to 763,106 put contracts.  The resultant 
single-session put/call ratio rose to 0.86, while the 21-day moving 
average inched higher to 0.89.

TODAY'S ECONOMIC CALENDAR ----------------------------------------
9:45 a.m.    Mar    Chicago PMI

EARNINGS EXPECTED TODAY (w/current estimates) --------------------
PEIX -0.17