About two weeks ago, as discussed here, CCI sold Oct. 20 covered calls against a Jan 14 LEAP option in Cisco. (CSCO).
With Cisco trading back around $19 today, CCI bought back these calls for $.13 including commissions.
A modest gain of $.25/contract. Given the leverage of the LEAP holding that is a respectable 3.4% return on capital in 2 weeks (Yes, that is near 100% annualized). More importantly, this is just another addition to the gains on this position, and it is likely the opportunity to do this type of trade again will present itself several times before Jan of 2014.