Trade continuation: GDX covered call

GDX jumped up to 59 so I decided to continue this trade rather than close it out. The transaction now looks like this:

10/25 Bought GDX @56.72
10/25 STO GDX Oct. 28, 2011 56 Call @ 1.52
10/27 BTC GDX Oct. 28, 2011 56 Call @ 3.00
10/27 STO GDX Nov 19, 2011 56 Call @ 4.10

With the recent  rise in the market and precious metals, I'm not too excited about entering into any new income positions. I like to swoop in during fearful times, not euphoric times. I decided to take advantage of the herd's hopefulness and increase downside protection from $55.20 to $54.10 and bring in additional income of $110 per contract. This is a very conservative roll out as GDX is deep in the money.

If we get called out we get 3.4% in less than a month or ~45% annually. Not bad for a very conservative trade...