Apple Jumps 3% Today, Re-establish Covered Call in LSO portfolio

As discussed here, CCI is long the Apple (AAPL) Jan $300 call as a stock replacement and intends to  write shorter term calls against the position.  CCI's primary thesis is that Apple's low valuation will provide a floor under the stock, but margin pressures from lots of worthy competitors will keep a lid on the stock. Hence, there is a good probability Apple will trade sideways for awhile, and this options strategy would capitalize on that situation.

  As discussed here just last week CCI closed the covered call position on Apple with the stated  intent "to add something like June $450 short call if the stock moves up a little more"

Little did I expect that Apple would cooperate and move up 3% today.  Hence today CCI re-initiated the covered call position. Specifically sold the June $460 call for a credit of about $5.00/contract.  Just as with previous covered calls likely scenarios include:

• Apple reversed and goes back down - oops. But this trade lowers the break even point and will provide the opportunity/time to continue this process to further to lower the cost basis.
• in the event that Apple surges over $460 by June expiration- CCI would be "forced" to take the leveraged 25% profits in the position.
• the stock continues trade in the same range as the last quarter - CCI will repeat this process to harvest more option premium.