Apple Inc (NASDAQ: AAPL) closed Thursday's trading session at $416.84. In the past year, the stock has hit a 52-week low of $385.10 and 52-week high of $705.07. Apple (AAPL) stock has been showing support around $408.52 and resistance in the $430.14 range. Technical indicators for the stock are Bearish and S&P gives Apple (AAPL) a very positive 5 STARS (out of 5) strong buy rating. For a hedged play on Apple (AAPL), look at the Aug '13 $415.00 covered call for a net debit in the $397.89 area. That is also the break-even stock price for this trade. This covered call has a duration of 57 days, provides 4.55% downside protection and an assigned return rate of 4.30% for an annualized return rate of 27.54% (for comparison purposes only). A lower-cost hedged play for Apple (AAPL) would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the Apple (AAPL) Jan '14 $340.00 call and selling the Aug '13 $415.00 call for a total debit of $63.65. The trade has a lifespan of 57 days and would provide 3.16% downside protection and an assigned return rate of 17.83% for an annualized return rate of 114% (for comparison purposes only). Apple (AAPL) has a current annual dividend yield of 2.83%. [MarketIntelligenceCenter.com]