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I am figuring worse case 2.00 gain, goes way back up 4.50 gain, and in between maybe can move the put up for next month.

Yes, this has been a good lesson and crazy ride :) So for an update, I ended up buying back the 11s for a small profit and then today put the collar on with the 7.50P and the 10C. I am figuring with the stress test results coming on May 4th this could fly either way and I wanted to make sure...

Thanks guys :) I am still learning and these responses has helped in my learning process and opened me to new ideas. I am glad I found this board. Thanks, droid

Thanks for your reply johnpinochet :) Well I was thinking if it were to drop I would just hold on. Not a good idea? Spindr thanks for your suggestions also. I will look into the collar. Are you talking about buying back and selling the calls when you talk about a nimble approach...

drcha, Thanks for your reply :) If I am planning to hold long term what is the risk with the above plan. So yesterday I net (1.22 - .51). This month if it doesn't break 11, I keep the premium possiblly rewrite the calls at a lower strike. If it does I can think about if I want to roll up...

Hi all :) I am pretty new to options trading, and have a question about the risks / benefits of rolling up my covered calls. Yesterday I had 50 contracts on the BAC apr 10. I own 5000 shares at 5.50. I didn't want to sell my shares so I bought back the apr 10s for .51 and resold the May...