Today was another trading day bare of major economic data. Shares were all over the place today with the indexes not giving any clear direction at any point of the day. It was not until right before the close that you had a real feel for whether we would close up or down today.

Here are the unofficial closing bell levels:

Dow 9,874.31 -11.49 (-0.12%)
S&P 500 1,073.56 -2.63 (-0.24%)
Nasdaq 2,140.22 +1.08 (0.05%)

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Sanofi-Aventis (NYSE: SNY - option chain) shares are rising today after health insurer Unitedhealth Group (NYSE: UNH) announced that it would fully cover swine flu vaccinations, even for members that do not have immunizations typically covered. As one of the drugmakers that is producing a swine flu vaccine, SNY stands to benefit. If you think that the stock 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 SNY.

SNY opened this morning at $33.69. So far today the stock has hit a low of $33.63 and a high of $34.17. As of 11:45, SNY is trading at $33.89 up $1.02 (3.1%). The chart for SNY looks neutral and S&P gives SNY a neutral 3 STARS (out of 5) hold ranking.

Humana (NYSE: HUM - option chain) stock is falling today on news that the US Department of Defense selected competitor UnitedHealth (NYSE: UNH) to replace HUM as its main provider in the southern region of the the department's TRICARE program. HUM lost out on a deal with a total potential value of $21.8 billion. 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 HUM.

This morning, HUM opened at $28.49. So far today the stock has hit a low of $28.14 and a high of $29.80. As of 11:55, HUM is trading at $28.92, down $1.67 (-5.5%). The chart for HUM looks bullish and S&P gives HUM a positive 4 STARS (out of 5) buy ranking.

UnitedHealth Group (NYSE: UNH - option chain) stock is falling today after Chairman of the Board Richard T. Burke sold 100,000 shares of the stock on the open market last Friday. That equates to $2.9M of selling against no insider buying in the past two months. 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 UNH.

This morning, UNH opened at $27.06. So far today the stock has hit a low of $26.37 and a high of $27.80. As of 11:30, UNH is trading at $26.98, down $0.61 (-2.2%). The chart for UNH looks bullish and S&P gives UNH a positive 4 STARS (out of 5) buy ranking.

UnitedHealth Group (NYSE: UNH - option chain) shares have moved higher today after the company reported a fourth-quarter profit of $726 million, or 60 cents per share. UNH's adjusted profit of 78 cents per share matched analysts' projections. The company also reaffirmed its 2009 earnings forecast of $2.90 to $3.15 per share. If you think that the stock 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 UNH.

UNH opened this morning at $25.44. So far today the stock has hit a low of $25.25 and a high of $27.30. As of 12:00, UNH is trading at $26.52, up $1.47 (5.9%). The chart for UNH looks neutral and S&P gives UNH a 3 STARS (out of 5) hold ranking.

For a bullish hedged play on this stock, I would consider a March bull-put credit spread below the $20 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 an 8.7% return in just two months as long as UNH is above $20 at March expiration. UNH would have to fall by more than 24% before we would start to lose money. Learn more about this type of trade here.

UNH hasn't been below $20 since early in December and has shown support around $23.50 recently.

Brent Archer is an options analyst and writer at Investors Observer.

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, Brent neither owns nor controls positions in UNH.

Some may view the sun as rising while others see it setting. Before you send me your rant that the pain has just begun and I am foolish to believe the recent market upswing is anything but a short term reprieve, let me share a few thoughts.

Today Wachovia Corp (NYSE: WB) reported a loss of $1.30 a share compared to the average analysts' guess of $1.27 a share. WB lost almost $9 billion, is cutting the dividend and will layoff 6,400 employees. All bad news -- and still the the stock and the DJIA are up!

At the same time, oil is trading down about $4 a barrel during the busiest driving time of the year because people are actually conserving gas. The market is working. It should also be noted that after the Bush administration spent over seven and a half years stating various preconditions to establishing relations with Iran, last week they decided to send an envoy and start a dialog. It may be good or bad politics depending on your view -- but it is only good for the stabilization of oil prices.

According to an article in today's USA Today, UnitedHealth Group (NYSE: UNH)'s United Healthcare has created a health insurance program that charges overweight smokers up to two grand more per year for health insurance. The sin premium adds a stick component to the wellness program carrot.

This idea seems like one that could be dramatically expanded, too. Tying behavior to insurance costs could be a great way to rein in our burgeoning expenses. How about:

• Doubling collision coverage cost for cell-phone drivers, lipstick appliers, and chicken-nugget dunkers?
• Eliminating coverage of hearing aids for iPod users?
• Reducing the coverage of carpal tunnel surgery for text messagers and video gamers?
• Demanding a higher premium for skin cancer coverage from frequent beach-goers?
• Refusing to cover the cost of treating high blood pressure for golfers?
• Raising the premium for allergy treatments for farmers?
• Extending the copay for dentistry for those found to chew sugar gum, tobacco, or nougat?
• Charging more for dermatology visits for those who choose to depilate "down there"?
• Increasing the cost for hair transplants for those who choose to have multiple children?

Pay to play has become an American obsession, and it's only fair that each person covers the cost of his or her indulgence, right? The concept of accepting one another's imperfections, and willingly pooling our exposures so that we all can receive help when we need it - too 20th century?

Jim Cramer reviewed a last Fallen Angel on CNBC's MAD MONEY tonight: Quest Diagnostics (NYSE:DGX). He owns it in his trust, for disclosure. He said that Quest losing Oxford's business (UnitedHealth Group NYSE:UNH) took the stock down under $49. The company had already announced the news a month earlier. He isn't minimizing the business loss, or so he says, because it was $400 million of their $6 billion in total business. The company beat last week by $0.05 on EPS, but lowered guidance. He said it traded up $1.00 because the street is assuming it is conservative. He thinks it could earn $3.10 and they are low-balling estimates at $2.95. It closed at $52.25 and is now up at $52.90 in after-hours. J.P.Morgan just raised it and a broker luncheon on it last week was over-attended.

Cramer interviewed the CEO of Jones Soda (NASDAQ:JSDA), Peter van Stolk, before closing down MAD MONEY until tomorrow. It lost Target business, but he said that is only 2% of their business. The company doesn't use high-fructose corn syrup, they use cane sugar. Cramer doesn't think it has finished rising. The company won't be announcing any new product data until the first week of March. Cramer said it was up $1.00, but he said let it pull-back and then you can buy it since it was up so much today. This after-hours pop before it came in is another yearly high, and the company had a $376 million market cap as of the close. This stock, if it meets the $0.14 estimate in 2007 without beating estimates, then it now trades at 100-times December 2007 fiscal EPS projections. He's been behind this one before (back on December 21 he called the next Hansen Natural [NASDAQ:HANS]), on more than one occasion.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.