I've never liked covered calls, because you give up your upside potential which presumably is why you want to get long. I want to get long CL (crude) for the long haul, but I don't have enough money to ride it down to where I think it might go before it moves back up. I thought about just buying a put, but you know how that deal goes. So the only other thing I can think of is writing a covered call. If the market stagnates or goes down I know how to handle that. So the question is, if the market rallies, what's the best way to handle a covered call position assuming I want to stay long? So far my only idea is if it goes in the money just buy it and sell another one.