Engaging SSO the Proshares Ultra S&P500 - UPDATE

Once again we revisit the covered call strategy we have initiated with the ProShares Ultra S&P500 (ETF) (NYSE:SSO) to find that thanks to volatility you can still bank coin.
After taking last week off to spend a family vacation at Lake Chelan (you should visit if you are in WA state), it is time to get back into the swing of things. As you may know, we posted an article a little over a week ago regarding our plays on the ProShares Ultra S&P500 (NYSE Symbol:SSO) selling covered call stock options.  We used the stock options to protect ourselves from a 9% drop in the stock (See Engaging the Ultra S&P500 Proshares (SSO) blog article from 07/08/2009).

Well, the market went on a tear when I was on vacation, so superstitiously-speaking I should take more vacations!  SSO currently sits at $27.23/share, and as you may recall from the previous article, I currently own 500 shares of SSO at a cost of $22.64, and my total cost is 500 * $22.64 = $11,322.  Using the $27.23/share, we have the following

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SOURCE: http://assetwealthdev.com/blog/sso-options-sp500-07212009