1% a week? I'd say that's a pretty optimistic goal (to be kind).
Covered calls work well in slow uptrends (or even in slower downtrends) and range-bound markets, but they hamstring you on big moves up and don't do a whole lot to protect you against downside moves.
Options premiums are high right now due to the volatility over the last year, and if you look at BAC, there haven't been too many months where it hasn't moved less than 15-20%. To buffer moves like that, you'd need to sell deeper in the money calls (which reduces your potential profit).
The way I like to play covered calls is to slowly build a position on a dividend paying stock while selling slightly in the money calls 1-3 months out. Every time the options expire, I sell new options (purchasing additional shares to average down if needed). Some people will crucify me for saying "averaging down," but the dividend + monthly option premium constantly builds up my padding (and my position is built slowly so that unless the stock goes bankrupt, I'm ok). Like anything else, there are risks, but they are acceptable to me. My goal is somewhere along the lines of 1-2% a month (average)
