Deere & Co. (NYSE: DE) opened at $111.86. So far today, the stock has hit a low of $111.86 and a high of $115.65. As of 10:50 this morning, DE is trading at $115.46, up $3.90 (3.5%).After hitting a one year high of $116.50 in February, the stock has traded within the $105-115 range over the past two months. DE is riding the coattails of competitor CNH Global (NYSE: CNH), which is up nearly 9% after an outstanding earnings release this morning. Recent technical indicators for DE have been bullish and deteriorating, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.
For a bullish hedged play on this stock, I would consider a June bull-put credit spread below the $100 range. DE hasn't been below $100 since January and has shown support around $110 recently. This trade could be risky if an economic slowdown hits the US, but even if this happens, this position could be protected by the strong historical support around $103.
Brent Archer is an options analyst and writer at Investors Observer. Do you have any deadwood in your portfolio? Check out the 18 Warning Signs That Tell You When To Dump A Stock. DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At press time, Brent neither owns nor controls a position in DE.
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