Focus Media (NASDAQ:FMCN) closed Thursday's up-and-down trading session at $31.38. In the past year, the stock has hit a 52-week low of $19.10 and 52-week high of $37.58. Focus Media (FMCN) stock has been showing support around $30.31 and resistance in the $32.53 range. Technical indicators for the stock are Bullish. For a hedged play on Focus Media (FMCN), look at the Jan '12 $30.00 covered call for a net debit in the $26.88 area. That is also the break-even stock price for this trade. This covered call has a duration of 141 days, provides 14.34% downside protection and an assigned return rate of 11.61% for an annualized return rate of 30.05% (for comparison purposes only). A lower-cost hedged play for Focus Media (FMCN) would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the Focus Media (FMCN) Jan '13 $7.50 call and selling the Jan '12 $30.00 call for a total debit of $20.85. The trade has a lifespan of 141 days and would provide 9.66% downside protection and an assigned return rate of 7.91% for an annualized return rate of 20% (for comparison purposes only). Focus Media (FMCN) has a current trailing average dividend yield of 0%. [FBB-Seven Summits Research]