Since the last post about this position here, both the XLF etf and C have generally moved sideways. That means CCI was able to harvest option premium on C's Aug 9 $52.50 covered call and then again on the Aug 23 $53 call. With the market up this morning CCI re-established the hedge for this position by selling the Oct 4 $53 call for a $.32/contract credit.
Since inception on Jan 8, the performance of various holdings are shown below
- The XLF etf is up a very nice 20.1%! (including dividends)
- The leverage obtained by instead simply holding the Jan 15 $10 call would have returned 47.4%.
- The leveraged long/short strategy defined in this thread is up 43.8%.