OfficeMax Inc. (NYSE: OMX) shares are trading higher this morning after the company reported a 24% rise in fourth-quarter profit, helped by lower costs and expenses. Excluding one-time items, OMX earned 65 cents per share, well above Wall Street forecasts of 52 cents per share. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on OMX.

After hitting a one-year high of $55.40 in last February, the stock hit a one-year low of $17.12 in January. OMX opened this morning at $23.87. So far today the stock has hit a low of $23.25 and a high of $24.90. As of 10:30, OMX is trading at $23.75, up $1.61 (7.3%). The chart for OMX looks bullish but deteriorating slightly, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bullish hedged play on this stock, I would consider an April bull-put credit spread below the $17.50 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 a 4.2% return in just two months as long as OMX is above $17.50 at April expiration. OfficeMax would have to fall by more than 26% before we would start to lose money.

OMX hasn't been below $17.50 by more than a few cents in the past year and has shown support around $23 recently. This trade could be risky if the US economy continues to worsen, but even if that happens, this position could be protected by the support the stock might find at its 50-day moving average, which is around $23.

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