Rolled SPY Covered Calls

The Index Covered Call Trading Plan  (aka: ICC) 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:  SPY   

DESCRIPTION: SPDRs S&P500

TRANSACTION TYPE: Roll the June June $165 call to the July $164 call

TRANSACTION RATIONALE:  This weeks market sell off created the opportunity to take profits and re-position hedges.  In this case rolling the SPY covered calls as described below.

TRANSACTION DATE: Thur.  June.20, 2013

Action: Buy to Close

Exp. Date: June 22,  2013

Strike: $165

Price: $.06

Action: Sell to Open  

Exp. Date: July 20, 2013  

Strike: $164

Price: $1.54

Net credit: $1.41/contract after commissions.