Today I BTC 2 IR May09 17.50 Covered Calls and STO 2 IR Jun09 22.50 Covered Calls for a net debit of $544.99 in an IRA account.  My basis for IR is now 50.40, excluding dividends.

I rolled my strike price up $5 at a cost of 2.73.  Just last month I rolled IR out to the May expiration thinking that the 17.50 strike price might be okay.  I no longer think so and expect IR to continue rising along with the rest of the market.

Rather than wait until closer to option expiration when more of the premium would have bled away I decided to roll this now.  The reason is that I have experienced in the past that when a stock gets too far above a strike price it becomes more difficult to roll the option out for a profit.