Covered Call Gigamedia

After yesterday I thought my Aug $12.50 call on Gigamedia GIGM would expire out of the money. Today with the market up, it is trading just at to slightly in the money.

My plan with GIGM is to hold the stock for the longer term (see my post at Seeking Alpha) so I did not want it called away. I bought back the call and sold the Oct $15 call for a net credit of $.45. I am trying to manage this position to make some income selling calls while continue holding the stock for growth. We will see how the plan works.

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