CNBC's Jim Cramer noted after the latest Fed meeting minutes were released yesterday that Bernanke & Co must be basing their economic outlook solely on our export economy. The overall economic situation in the US is not as rosy as the Fed is saying, according to Cramer. However, he thinks it is true that companies with a lot of international trade are, in fact, a sound subset of the economy. Cramer names Caterpillar (NYSE: CAT) as one such company that is thriving and should continue to thrive thanks to support from fast-growing trading partners. Others are Freeport-McMoRan (NYSE: FCX), Parker-Hannifin (NYSE: PH), and Boeing (NYSE: BA). If you are inclined to agree, then it could be a good time to get into a bullish hedged trade on CAT.

After hitting a one year high of $87.00 in July, the stock has slid below $75 in recent weeks. This morning, CAT opened at $74.23. So far today the stock has hit a low of $73.35 and a high of $74.87. As of 11:05, CAT is trading at $74.60, up $0.43 (0.6%). The chart for CAT looks bearish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold 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 $60 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. For this particular trade, we will make a 5.5% return in just three months as long as CAT is above $60 at November expiration. Caterpillar would have to fall by more than 19% before we would start to lose money.

CAT hasn't been below $60 since January and has shown support around $73 recently. This trade could be risky if the economy continues to worsen, but even if that happens, this position could find some support from the stock's 200-day moving average, which is at $70 and rising.

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