Qwest Communications on Upward Rampage

Qwest Communications International (Q) hit a new 52-Week high of $5.59 today. The stock is up $0.03 (0.54%) to $5.59 on 22,340,000 shares traded. Today's high is up $2.29 from a 52-Week Low of $3.30. Qwest Communications stock has been showing support around the $5.24 level and resistance in the $5.60 range. Technical indicators for the stock are bullish. Phone providers are surging once again today on speculation that US consumers are buying more smart phones than ever. Q is benefiting from the demand and the fact that there are more investors buying the stock than there are selling it. The stock rose to a new 52 week high later in the session and pays a hefty 5.72% yield at current prices. If you are looking for a hedged play on Q the stock seems like it could be a candidate for a February out-of-the-money bull-put credit spread below the $5 range.