Trade Continuation: Conoco-Phillips (COP) Covered Calls

Today in a traditional IRA I continued the following transaction:

01/13/2012    Bought 200 COP @ 70.29                               -14,067.97
01/13/2012    STO 2 COP Jan 21 2012 70 Calls @.99                   186.47
01/20/2012    BTC 2 COP Jan 21 2012 70 Calls @.77                  -165.52
01/20/2012    STO 2 COP Jan 27 2012 70 Calls @1.35                +258.45
01/30/2012    STO 2 COP Feb 18 2012 70 Calls @.58                 +104.47

Our January calls expired worthless so I wrote new calls. Due to a family emergency it will be hard to trade weekly options so I wrote these 19 days out. This lowers our out of pocket to $13684.10 or $68.42/share. COP goes ex-dividend on Feb. 17 so if the stock price rises above 70 I may roll the position to make sure I collect the dividend. The dividend will most likely rise this quarter.