New Energy Investment in XLE

I have been wanting to get involved with the XLE ETF for sometime now. But felt that my trading account would not give me enough time for the position to work out. So today I did a buy write at the $62 strike with May '10 expiration for $60.54 with the ETF currently trading at 61.66. Not sure why I did not just sell the $62 put, for some reason I wanted to actually own something. I think it is very likely that I get called out by May expiration which I am fine with and would look to initiate a new position in the same name. But if I do get called out by May it would be about a % gain for 24 days.

If you look at the weekly chart I posted above 61 seems to be an important level on the weekly as it was resistance for several months.

With this trade I am maxed out of my available $10k in the investment account either until I add more funds or if by May expiration I am called out of this position or the puts I have sold on NLY and ANH expire worthless. We will see in 24 days.

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