Cisco - Covered Calls - Possible Exit

Per the last post on Cisco, CCI has decide to exit the Cisco trade (Long Jan $10 calls) and have been looking for an opportunity to do that.

With Cisco rising after their analyst day (closed at $16.67), CCI sold $Oct $16 calls for about $1.00 against the long option position.  If Cisco continues to rise, this lot will be sold for around $17 which is consistent with the objective of exiting this trade to redeploy capital.   If Cisco pauses and/or pulls back there should be an opportunity to some harvest premium from this covered call.