Closed Covered Call in C

As discussed here CCI has a long position in the financial sector etf (xlf) via the Jan 15 $10 Call, that has usually been hedged via a shorter duration short call in Citigroup (C).

C's stock price dropped today (allegedly on rumors of potential poor trading profits).  The price drop made the short call essentially useless as a hedge so CCI closed the covered call position at $.07/contract after commissions. CCI will be looking to re-establish this type of position factoring in the potential volatility in the stock around Oct 15 earnings. 

Since inception on Jan 8, the performance of various holdings are shown below

• The XLF etf has slumped  a little over the past weeks but is still up 18.8%! (including dividends)
• The leverage obtained by instead simply holding the Jan 15 $10 call would have returned 43.4%.
• The leveraged, long/short strategy defined in this thread is up 41.9%.