New Trade: Intel (INTC) Covered Call

This morning I entered into the following transaction:

11/02/2011  10:27:54 Bought 200 INTC @ 23.8875                                     -4,787.49  

11/02/2011  10:28:23 Sold 2 INTC Nov 19 2011 24.0 Call @ 0.42                       72.47

Tomorrow is ex-dividend so unless we get assigned today we will capture the $42 dividend. I love my Double-D's! (double dividends, silly)... The second "dividend" is the short call premium we've collected. Our cost basis/downside protection in this trade is $23.57. Intel has weekly options so there are a variety of ways to manage this trade.