Covered Write in the CME

The call options we sold against CME are providing a fair amount of protection in what has turned into a sudden, very sharp drop in the stock. Let's take a look:

Position at Start:
Stock Price: $307.10
Call Sold at: $12.80


Current Position:
Stock Price: $295.20
Calls at: $6.10


Net Results:
Stock: -11.90
Option: +6.70

The decision that needs to be is what to do about the situation. We will almost certainly roll our options, but will we roll down or out or both? We will not close the positions out completely as the stock has not done anything to make us think its uptrend is over. So for the time being we will look for places to write option premium against our shares.