Cisco covered calls

Cisco (csco) pushed over $19 today.   In a previous post (here), CCI bought $10 Jan 13 Leaps with the intent of selling calls against that position if Cisco traded higher.  Specifically CCI sold the Feb $20 calls for $.37 after commissions. 

• If the stock continues to rise to over $20 by Feb expiration we will take both legs off for a nice profit.

• If the stock reverses, CCI will harvest some of the premium from the Feb covered calls which will lower the break even price for the Jan $10 leap leap.