I have 5000 share AA @ $9.61. What covered calls look the most attractive to you based upon this? Personally, I think we are on the cusp of this thing turning around, but who knows really. Doom and gloomers have the day at the moment.
Altho I started with shares at $10.06, covered call sales I have bought back in the last couple months have me at $9.64 BE, not too far from your current position.
If I were antsy at these levels, I would be SELLING October and January 9's for .89 and $1.10 respectively, or January 10's instead of January 9's if you think the stock will show progress beginning Nov.
That gives you protection down to about $8.50, and about a 8% rate of return in the meantime, as long as the stock closes $8.99 or above. I don't think the stock will go below the one year low.
Around Sept, I would buy back the calls if they were in the 20-35 cent area, and sell a leap at strike 10 for about $1.23 due Jan 14. Your BE should be about $9.00 by then, you're looking at $2.23 over a $7.75 out of pocket investment or 33% for fifteen months sitting on your hands. That's 33% over a two year period, counting from Jan 1 2012, excluding dividends. Great widows and orphans returns.