Elmer, I think your startegy is good. I did the same all the 2002, but this January I missed my opportunity to write calls before the bad earnings drop, and then I was reluctant to write $5 calls, as they completely curb my position.
Now I'm looking for opportunity to write calls on local peak, which was suggested by spokeshave to be at $7.40. I'm still thinking what to do. So far the plan is to wait for 7.40 and write $7.5 calls, then wait for $6.50 and add to the long position.
As we have this spin-off rumour, maybe sell-on-rumours is a good strategy? Ideas?
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