Rolled Apple Call in Long/Short Position

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.

Today, with Apple trading around $432 CCI rolled the April 20 $480 call out to the May 3 $475 call for a $3.74/contract credit.  The April call trade netted a $3.20/contract gain. As discussed last time, possible scenarios include:

• in the event that Apple goes down - oops. But this trade lowers the break even point by about 1%, and will provide the opportunity/time to continue this process to further to lower the cost basis.
• in the event that Apple surges over $475 by May - CCI would be "forced" to take the leveraged 30% profits in the position. Fyi, earnings on April 23 , so this type of surge is possible on good news. This position may need to be adjusted around the time of earnings.
• the stock continues trade in the same range as the last quarter - CCI will repeat this process to harvest more option premium.