June 09 SPY dividend capture -- the aftermath...

All of my SPY calls were called last night from my trades two days ago I'm left with my option premium (0.33) as the results of my efforts. .33/90.67 = 0.36% for two days of investment and pretty low risk--not bad... If only SPY dividends were more often than 4 times a year! A nice feature of this approach is the addition of the dividend to lower the break-even point in the negative scenarios. If the market drops such that the equity price drops below the stike price of the short call, then you have the dividend value that is captured to lower your break even point.