HSBC PLC (NYSE:HBC) closed Monday's choppy trading session at $41.91. In the past year, the stock has hit a 52-week low of $41.39 and 52-week high of $59.14. HSBC PLC (HBC) stock has been showing support around $41.15 and resistance in the $43.19 range. Technical indicators for the stock are Bearish and S&P gives HSBC PLC (HBC) a positive 4 STARS (out of 5) buy rating. For a hedged play on HSBC PLC (HBC), look at the Oct '11 $41.00 covered call for a net debit in the $38.56 area. That is also the break-even stock price for this trade. This covered call has a duration of 60 days, provides 7.99% downside protection and an assigned return rate of 6.33% for an annualized return rate of 38.49% (for comparison purposes only). A lower-cost hedged play for HSBC PLC (HBC) would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the HSBC PLC (HBC) Jan '13 $30.00 call and selling the Oct '11 $41.00 call for a total debit of $10.25. The trade has a lifespan of 60 days and would provide 3.96% downside protection and an assigned return rate of 7.32% for an annualized return rate of 45% (for comparison purposes only). HSBC PLC (HBC) has a current annual dividend yield of 5.46%.