Walt Disney Co. (NYSE: DIS) opened at $33.50. So far today the stock has hit a low of $33 and a high of $33.55. As of 12:30, DIS is trading at 33.09, down 0.02 (-0.1%).

After hitting a one year high of 36.79 in May, the stock has dropped sharply over the past three weeks. News yesterday evening confirmed that Disney has completed its sale of its ABC Radio Holdings Inc. unit to Citadel Broadcasting Corp. (NYSE: CDL) for approximately $1.35 billion. Recent technical indicators for DIS have been bearish and steady, while S&P rates the stock as a 5 STARS (out of 5) strong buy.

For a bearish hedged play on this stock, I would consider an October bear-call credit spread above the $37.50 range. DIS has not been above $37.50 since the technology boom and bust and has shown resistance around $36 recently. This trade could be risky if the weaker dollar spurs more international tourists to Disney's theme parks, but even if that happens DIS would have to rise by 13.1% and break through its previous highs before this position would be in trouble.

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 publication time, he neither owns nor controls a position in DIS or CDL.