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Very interesting. I would be inclined to agree except for the fact that the deep ITM calls are like owning the stock at a reduced price. With the economy getting better it's hard to play market timer and get out. Since the leaps don't expire for a year I may roll over to 2016 leaps and hold...

I am long BAC Jan15' 7$ calls which are well into the money with the stock selling for $16.40. Would it be a good idea to spread this long position by selling the BAC Jan15' $20 calls? I guess the question is whether it is best to just hold the long position or reduce my cost now by selling...