Hewitt Associates (HEW) Trading In Tight Support/Resistance Range With Bullish Technicals

Hewitt Associates (NYSE: HEW) closed yesterday at $37.97. So far the stock has hit a 52-week low of $22.78 and 52-week high of $38.33. Hewitt Associates stock has been showing support around 37.16 and resistance in the 38.42 range. Technical indicators for the stock are Bullish and S&P gives HEW a neutral 3 STAR (out of 5) hold rating. HEW appears on the Investors Observer Momentum Plays list. For a hedged play on this stock, look at a Jun '10 35 covered call (HEW FG) for a net debit in the $33.37 area. That is also the break even stock price for this trade. This covered call has a 241 day duration, provides 12.11% downside protection and a 4.88% assigned return rate for a 7.40% annualized return rate (comparison purposes only). Hewitt Associates does not pay dividends at this time.

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