I have been selling puts against SVXY ala Iceman for a few years now learning from the Master while making all the stupid mistakes I can come up with.  In keeping with that trend, I’ve come up with a new one.  Those low strike Put entries have been great for obtaining long stock to be covered by calls.  My general parameters for short Puts has been a three week holding period with premium being around 2% of the strike while taking the rare assignment. Over time it appears to me that covered calls have greater potential returns due to premiums coupled with gains when the assigned stock is sold.  With the market at near record highs the low Put strikes with sufficient premium are more of a long term memory as I wait for the next split or a whooshing pull back.
I am managing a small account that has level 1 trading, covered calls only.  Without the permission to sell Puts I’m challenged with doing income trades via covered calls against equities.  So I want to explore the possibility of using SVXY for income trades in this account.  In my personal account I have elected to put on a covered call that expires this Friday, Nov 18th to work through the entry and stop management mechanics before deploying this into the other account.
This morning :
Bought stock @ 75.41 and sold a  Nov 18th 75.5 call for 2.30 when the stock pushed back above VWAP the second time. This yielded a basis of 73.25 and a potential gain of +/-2.8% for the week if assigned @ 75.50.  I set a position stop at mark 70.00 with a limit to close at 70.10.  If the position is closed it would result in a loss of around $340 or approximately 4.5% of the net debit to enter the trade.  My entry was not well timed, being a few minutes early of the morning drop.  Had I waited I might not have put the trade on but definitely would have picked a lower strike if I had.  Will this prove to be a better method for an account that that cannot sell puts and does not involve the issues associated with individual equities earnings, and analysts opinions?
Comments appreciated especially if I have missed something.