Covered calls, ATM - 8.5% return on the calls versus total position... willing to either hold onto E*Trade for the long-term if these aren't called away, or be exercised at 4 and walk away with 26% + gains from 2 sessions of writing covered calls.
Consider buy to close @~.15 or letting calls run their course, after reviewing market conditions and time to expiration. If I can close at .15 and there is a week or more to options expiration, I will do so, in anticipation of CEO announcement which should be an upwards catalyst.
The TradeKing Probability calculator estimates the following potential finishing prices at options expiration:
<3.50 : 27.08%
3.50 < > 4.00 : 23.98%
>4.00: 48.93%
Odds are slightly higher in favor of closing below 4 than above (51.xx% to 48.xx%).
