This is a continuation of the post, below, which was getting a bit "long in the tooth."

To make a long story short, I put on this setup at the end of December, originally as an Aug 19th 97 Long Call/Feb 15th 115 short call. Since that time, I've been rolling the short call up and out, out and sideways, out and down, or down within the same expiry, racking up credits against the Aug 19th 97 long call, which is serving as a "stock substitute," since it is made up almost entirely of intrinsic value at this point in time. The notion is to work the setup like a covered call, reducing your cost basis in the long option over time by selling calls against it, and then exiting the trade in profit when the total of the credits received + the current price of the long option exceeds what you paid to put the setup on originally ... . I'm getting close, but I'm not quite there yet, largely due to the fact that we haven't seen a move back toward where I entered ... .

In any event, today I closed the April 15th 101 short call for a 2.50 debit in order sell a call closer in time, but farther away from current price: the April 1st 103.5 for a .99 credit.

Comment: And that was short-lived; rolled the April 1st 103.5 to the April 15th 104 for a .23 credit to give it a bit more room. Frankly, I'm perfectly fine if price breaks the short call and continues upward in this particular setup; ideally, however, you want to keep the short call "ahead" of current price if you can.
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