UnitedHealth Group (UNH: sentiment, chart, options) tried to be a bright spot in today's trading, but its gain waned as the session progressed. This morning, the company affirmed its 2008 adjusted earnings estimate of $2.95 to $2.98 per share. For 2009, it sees revenue of $85 billion to $86 billion and earnings of $2.90 to $3.15 per share. In response to the news, Merrill Lynch upgraded the shares from "underperform" to "neutral."

The stock hit an intraday high of $22.44, but has since pulled back to breakeven at the $21.01 level. However, the shares remain locked in a steep downtrend from their December 2007 peak. During this time frame, the equity has retreated under resistance at its 10-week and 20-week moving averages.

Looking at the stock's sentiment backdrop, we find that the Schaeffer's put/call open interest ratio for UNH stands at 0.46, as call open interest doubles put open interest among near-term options. What's more, this reading is at an annual low, indicating that investors have not been more bullishly aligned toward the stock at any other time during the past year.

Wall Street has mixed expectations for the shares. According to Zacks, the stock has earned 8 "buy" ratings, 6 "holds," and 1 "sell." Considering the company's positive fundamental news, there is still room for additional upgrades.