INTC covered call writing

This is something I wanted to do for a while. I wrote my first covered call option today with a 22.5 strike price for Jan 2009 at 1.83. Probably premature, it is at 2.04 currently on the current rally. But the idea behind the option is to hedge the shares i received from my company.

Techincally, INTC is showing support on the 4 year trendline and it is also showing a throwback after breaking the the ascending triangle pattern. The stock has a yield of 2.6% which is higher than or equivalent to the yield of a lot of CD's. My calculations are also showed above. If the call gets exercised, I make nearly twice the profit than I would by selling today. If the call does not get exercised, I will not break even or profit if the stock price is >18.9 and I will be able to write another contract. I have not includes dividends, option writing costs etc in my calculations

Fundamentally, the company is cash rich, has good growth prospects and is just killing AMD. So lets see how it goes.