CNBC's Jim Cramer is a fan on CVS Caremark Corp. (NYSE: CVS). Cramer isn't necessarily with the masses when it comes to his expectations from the Fed and the rest of the economy, but he does see merit in the recession camp's argument. With oil breaking $80, food inflation, and a tighter credit situation, Cramer likes defensive stocks, and specifically names CVS as a good play in this group. If you are inclined to agree, then it could be a good time to get into a bullish hedged trade on CVS.

After hitting a one-year high of $39.44 in May, the stock has been relatively flat over the past few months. CVS opened at $37.49 and has hit a low of $37.25 and a high of $37.76 so far. As of 11:00, CVS is trading at $37.67, up $0.36 (1.0%). The chart for CVS looks neutral and improving, while S&P gives the stock a very positive 5 STARS (out of 5) strong buy rating.

If you agree with Cramer, then for a bullish hedged play on this stock, I would consider a November bull-put credit spread below the $335 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. This particular trade will make an 11.1% return in just over two months as long as CVS is above $35 at November expiration. CVS would have to fall by more than 7% before we would start to lose money.

CVS hasn't been below $35 since April and has shown support around $36.75 recently. This trade could be risky if the company's earnings (due out 11/01) disappoint, but even if that happens, this position could be protected by the strong support the stock formed at $35 in early August, plus its 200 day moving average, which is currently at $34.50 and rising.

Brent Archer is an options analyst and writer at Investors Observer.
DISCLOSURE: At publication time, Brent neither owns nor controls positions in CVS.