Feeling bullish — putting more down on SPY

Still feeling like there is some upside in the market.   Bought SPY at 109.94, sold Feb 109 calls at 2.31 for a net investment of 107.3.  Looked at the 110 calls, but they only had about 0.30 more premium on them, so I opted for the higher insurance value of the ITM 109s.    With the 109s the extrinsic value is 1.37 or 1.3%