Best Buy Co. Inc. (NYSE: BBY) stock is falling this morning after one of the company's directors sold 10,000 shares of BBY common stock on Friday under a prearranged trading plan. This news, combined with investors' worries that lower-end shoppers are putting off discretionary purchases to keep covered on everyday staples, is pushing BBY down this morning. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on BBY.

After hitting a one-year high of $55.59 last December, the stock hit a one-year low of $41.85 in August. As of 11:05, BBY is trading at $50.87, down 86 cents(-1.7%). The chart for BBY looks bullish and steady, while S&P gives the stock a very positive 5 STARS (out of 5) strong buy rating.

For a bearish hedged play on this stock, I would consider a January bear-call credit spread above the $57.50 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make an 8.7% return in 7 weeks as long as BBY is below $57.50 at January expiration. Best Buy would have to rise by more than 12% before we would start to lose money.

BBY hasn't been above $56 at all in the past year and has shown resistance around $52 recently. This trade could be risky if the holiday season turns out to be a big one for electronics and gadgets, but with increasing energy prices and dropping home values, consumers may not have too much discretionary income to spend on holiday presents.

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