Google (NASDAQ:GOOG) closed Thursday's reticent trading session at $528.94. In the past year, the stock has hit a 52-week low of $447.65 and 52-week high of $642.96. Google stock has been showing support around $517.29 and resistance in the $547.83 range. Technical indicators for the stock are Neutral and S&P gives Google a very positive 5 STARS (out of 5) strong buy rating. For a hedged play on Google, look at the Sep '11 $560.00 covered call for a net debit in the $517.34 area. That is also the break-even stock price for this trade. This covered call has a duration of 64 days, provides 2.19% downside protection and an assigned return rate of 8.25% for an annualized return rate of 47.03% (for comparison purposes only). A lower-cost hedged play for Google would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the Google Jan '13 $320.00 call and selling the Sep '11 $560.00 call for a total debit of $209.25. The trade has a lifespan of 64 days and would provide -0.06% downside protection and an assigned return rate of 14.70% for an annualized return rate of 84% (for comparison purposes only). Google does not pay dividends at this time.