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In Johnson & Johnson (NYSE: JNJ), sell the June 29th 122 call for a $1.25 credit.
JNJ is one of the most reliable stocks in the market but has been in a bit of a downturn in recent months. Not only does the stock look primed for a rebound, but it also pays a 3% dividend yield. You can add an additional 1% in just a month by doing this covered call trade, while still allowing some room for the share price to move higher.
In Powershares QQQ ETF (NASDAQ: QQQ), sell the July 20th 174 call for a $1.40 credit.
Tech stocks have slowed their gains in recent months but could be in good shape to drift higher this summer. I don’t expect a huge drop off or a major rally over the next 6-8 weeks. By selling the 174 call we are generating income while also giving ourselves about 3% upside in the ETF.
In SPDR Gold Shares ETF (NYSE: GLD), sell the July 20th 125 call for a $1.50 credit.
Gold should remain in a holding pattern through the summer as certain geopolitical events play out, with the possibility that it drifts higher if investors start to feel uncertain about future events. This covered call gives us a little bit of upside in the ETF while still generating a decent amount of income for a less than 8-week trade.
