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Posted: Friday, September 03, 2010 2:59 PM EDT

MGIC (MTG) leads the list of top gainers so far today and is now at $8.63, up $.65 (8.15%) on volume of 4,805,497 shares traded. This morning the company announced the amount of new mortgage insurance written rose 9.1% in August from a month earlier as its inventory of delinquent loans decreased. Over the last 52 weeks the stock has ranged from a low of $3.72 to a high of $13.80. MGIC stock has been showing support around $7.72 and resistance in the $8.28 range. Technical indicators for the stock are bullish and S&P gives MTG a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on MTG the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 7.50 range

Regards,

Don