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Fastenal (FAST) PriceWatch Alert With Support Around $33.88 Posted on Thursday, May 07, 2009 8:07 AMFastenal (NasdaqNM: FAST) closed yesterday at $36.07.

So far the stock has hit a 52-week low of $25.87 and 52-week high of $56.48.

Fastenal stock has been showing support around 33.88 and resistance in the 40.16 range.

Technical indicators for the stock are Bullish and S&P gives FAST a very positive 5 STAR (out of 5) strong buy rating.

FAST appears on the Investors Observer Momentum Plays list.

For a hedged play on this stock, look at an Aug '09 35 covered call (FQA HG) for a net debit in the $31.87 area.

That is also the break even stock price for this trade.

This covered call has a 107 day duration, provides 11.64% downside protection and a 9.82% assigned return rate for a 33.50% annualized return rate (comparison purposes only).

A lower cost hedged play for this stock would use a longer term call option in place of the covered call stock purchase.

To use this strategy look at going long the FAST Jan '10 25 Call (WWZ AE) and selling the Aug '09 35 call (FQA HG) for an $8.05 debit.

The trade has a 107 day life and would provide 8.37% downside protection and a 24.22% assigned return rate for an 83.00% annualized return rate (for comparison purposes only).

Fastenal has a current annual dividend yield of 1.81%.

[For more information on these strategies along with more details on possible risks go to]Click Symbol For More News On: (FAST)
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