The 3% solution?

SPY has pulled back around 3% in the last few days from about 103.5 to 100. Certainly there is still consderable downside risk, but my philosophy is to stay engaged with the market unless I am pretty confident the market is too high. Bought SPY at 100.17 and sold Aug 100 calls at 1.93 for net debit of 98.24. On the 18th, if SPY is over 100, and I collect the dividend distrubuted this month (ex-dividend date 18-Sept), the overall return will be over 2% for a two week investment.