Rolled QQQ Covered Calls Out and Up

The Index Covered Call (aka: ICC) trading plan is CCI's approach for managing a position of index ETFs and related covered calls.  The most recent trade against this plan is described below.  A reader can find details about the rational and management of the trades at the ICC trading plan tab on CCI's home page.

UNDERLYING ETF: QQQ 
DESCRIPTION: Power Shares NASDAQ 100 

TRANSACTION TYPE: Roll
DESCRIPTION:  Rolled the QQQ covered calls out one week and up $.50.  The Feb.22 calls generate a modest .4% profit in two weeks  (Sold at $1.35 bought back at $1.00).  Moving out to $66.50 got the strike to closer to OTM where we would ideally would like to return the option position.

TRANSACTION DATE: Thur. 2/21/13

Action: Buy to Close 

Exp. Date: Feb. 22, 2013 (weekly) 
Strike: $66.00 

Price: $1.00 
 

Action: Sell to Open
Exp. Date: Mar.1 , 2013 (weekly, out 1 week ) 
Strike: $66.50
Price: $.88

Net Debit: $.17  after commissions