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please critique this strategy

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Not too long ago a probable and/or realistic annual return that could be
expected was  discussed on the list and I believe the consensus was that not
more than 40% p.a. could realistically be expected, barring excessive risk
and an extraordinary "banner" year. I'm raising a strategy for discussion
that has the potential to exceed 40% p.a. that also encompasses several
"trading safely" features, if you will, and can usually support quite large
fills with little slippage.

The goal of the strategy is to sell rich covered call premiums that are
deep-in-the money. In the example I've used QQQ and QQQFJ (Jun'02 36 call).
Not that the latter is the richest, it's just an example. The strategy
includes borrowing against the QQQ units or shares either through a margin
account or privately.

The calculations of this strategy can be viewed at the following link. I
didn't include them in the email because the listserver at eskimo.com seems
to "object" to formatting, html and most attachments.
<http://www.traders2traders.com/myfiles/cwest/QQQexample.htm> . (Although NS
will probably screw the formatting anyway :-)).  BTW, if anyone needs some
space for a time at ../myfiles/yourname/, they're welcome. There are a few
users already.

I look forward to any comments that may expose any not so obvious floors in
the strategy or suggestions to improve its return.

Colin West