Rolled QQQ Calls Out and Up....Again

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 two weeks and up $.50.  The Mar. 1 calls generate a modest profit in a week  (Sold at $.88 bought back at $.60).  Moving out to $67 strike gets the position to nearer to OTM  where we would ideally would like to return the option position. 

 

TRANSACTION DATE: Thur. 3/1/13

Action: Buy to Close

Exp. Date: Mar. 1, 2013 (weekly) 

 Strike: $66.50

Price: $.60
 

Action: Sell to Open

 Exp. Date: Mar.16 , 2013 (out 2 weeks ) 

 Strike: $67

 Price: $.79

 

Net Credit: $.14  after commissions