Doc, I looked back quickly at the last divi run and did not see the PPS drop below $29 after ex. Even if they move the date up, you may still not have a problem. On the other hand, I also hold some 29/30 spreads and I am contemplating covering some of the 30s.
Just looked up that info. On 3/9/12, opened up 220 AGNC Jun '12 28/29 call spread contracts at $0.78 per contract from my Optionhouse Roth IRA. The cost was $17,160. Normally, the options commission fee would be $78.50 for this transaction. However, I was not charged any commission as part of the "free trade" promotion (maybe either 1st 50 or 100 trades free).
Back to my original question. Is it better to sell now to pocket some profit or to wait until both June contracts get exercised with max profit potential of $4840? ($22k-$17.16K).
Hold them for another month. As the dividend get closer they will go up due to people rushing into the stock. I am currently holding the Jan 2014 $32 strike. Feeling pretty good about those as well. They are dirt cheap.