XLF Calls Sold

As mentioned in the comments of the last post, I've been eyeballing selling some calls against my XLF holdings. I really wanted some compensation for the risk I took before appearing "too eager" to lock in some profits. Well, I set $15 as my point to take profit short term and as a result have sold enough calls to liquidate half of my position if my strikes are hit. I didn't really like the remaining premium on October's calls, so I went out to December. I've sold some DEC 17 calls and got filled for a credit of 0.41.

In my mind, this play serves two purposes. The first purpose is to hedge what I feel will inevitably be a small "collapse" in prices. A run up can't continue forever, but it can certainly continue longer than most (including me) expect.  Which brings me to point number two. I have a bad habit of being 'greedy', or more technically, sticking to my trading plan and actually taking the profits while they're available. So if we keep on running, I don't have a choice. So I've effectively saved me from myself. My original plan way back in 2006 stated that I want exposure to financials in my long term holdings, so putting half of the position at risk fits well. If called away, I can start selling puts on XLF again.

Update note: This was filled when XLF was between 15.35 and 15.40.