Garmin ( NasdaqNM: GRMN ) ended the last trading session at $119.40. So far the stock has hit a 52-week low of $44.53 and 52-week high of $122.78. Garmin stock has been showing support around 116.11 and resistance in the 124.43 range. Technical indicators for the stock are Bullish and S&P gives GRMN a positive 4 STAR (out of 5) buy rating. GRMN appears on the Investors Observer Analysts Favorites list. For a hedged play on this stock, look at a Jan '08 130 covered call (RZJ AF) for a net debit in the $110.30 area. That is also the break even stock price for this trade. This covered call has an 110 day duration, provides 7.62% downside protection and a 17.86% assigned return rate for a 59.26% annualized return rate (comparison purposes only). A lower cost hedged play for this stock would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the GRMN Jan '09 65 Call (VWM AM) and selling the Jan '08 130 call (RZJ AF) for a $51.20 debit. The trade has an 110 day life and would provide 2.68% downside protection and a 26.95% assigned return rate for an 89.44% annualized return rate (for comparison purposes only). Garmin has a current annual dividend yield of 0.60%. [IHF - Investors Observer]