Dow Chemical ( NYSE: DOW ) closed yesterday at $38.72. So far the stock has hit a 52-week low of $33.01 and 52-week high of $47.96. Dow Chemical stock has been showing support around 38.12 and resistance in the 39.40 range. Technical indicators for the stock are Bullish and S&P gives DOW a neutral 3 STAR (out of 5) hold rating. For a hedged play on this stock, look at a Sep '08 35 covered call (DOW IG) for a net debit in the $33.62 area. That is also the break even stock price for this trade. This covered call has a 163 day duration, provides 13.17% downside protection and a 4.10% assign...(Click the story link or go to http://www.marketintelligencecenter.com for the full story)