With an implied volatility rank of 96 and favorable break even metrics for the setup, JCP             presents a fairly decent covered call opportunity here.

Buy 100 shares JCP             at 6.63
Sell 1 Jan 29th 7 short call
Entire Package: 5.94 debit ($594) (which will be your per share break even -- $5.94, which is slightly above the 52-week low)
Max Profit: $106 (if called away at $7)

I look to take these off intratrade if the profit exceeds what I would make if called away; otherwise, I continue to sell short calls against (or roll the short call when its value reaches near worthless) at strikes at or above cost basis break even.
Comment: Didn't get a fill today, which isn't necessarily a surprise, it being Monday. I may try again tomorrow if implied volatility rank remains high ... .
Comment: This still looks like a fairly good setup, although the premium isn't as rich to the call side as it was when I first posted and the break even is now north of $6.15/share if you go with a Feb 19th expiration for your short call ... .
Comment: Filled for 6.36.
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