Here are today's Covered Call Picks for Monday 05-21-2012. Today we're looking at the January 2013 strike price. Some great returns here selling LEAP covered calls. What's a Covered Call? The covered call is a strategy where an investor writes a call option contract (sells an option) while at the same time owning an equivalent number of shares of the underlying stock.If this stock is purchased simultaneously with writing the call contract, the strategy is commonly referred to as a buy-write. While you may have heard that trading options is risky business, covered calls are actually a very conservative strategy, and most brokerages even allow retirement IRA accounts to write covered calls. read more