A Long Explanation

A reader asked me in the comment section why I sold covered calls if I thought the market was oversold? Here are a list of reasons:

• At that point the S&P 500 had bounced 40 points from the lows two days ago. I thought it prudent to take some profits while remaining long.
• In my opener I also discussed the possibility of a retest. I want to be in a position to be able to buy on a retest.
• I sold covered calls at prices where I would be willing to part with the stocks. 
• I do things in steps. I generally buy slowly on the way down and sell slowly on the way up. This way if we chop around in a range I could make some money off of the volatility.