Selling Covered Calls And Covered Puts On Uyg

[1peter11]

I would like to sell covered calls and covered puts on the February '09 $3.00 strike price of UYG.
UYG is at $3.18 and the call option is .60 with the intrensic value of .18 for an actual return of .42 for selling the covered call. The put option is .45 for selling the covered put.
I own 2000 shares of UYG and want to sell 10 covered call contracts at .60 for a return of $42 (.60-.18=.42x100=$42) per contract or $420 for 10 contracts ($42x10=$420.
I also want to sell 10 covered call puts at .45 for a return of $45 per contract (.45x100=$45) or $450 for 10 contracts ($45x10=$450).
By selling both the covered call and the covered put I would be receiving a total of $870 for selling both the call and the put contracts.
It appears that it doesn't matter if the price of UYG goes up or goes down, as UYG hit its 52 week low of $2.73 on Friday January 23, 2009, yesterday.
I want to sell all the stocks I now own and buy UYG and sell both covered calls and covered puts on UYG in all months where there are options being sold, doing so the day after the option expiration date every time there are options on UYG.
With the lowest price for any option contract on UYG being $3.00, and UYG being $3.18 a share, there is no way one can loose on this type of trading.
The price of UYG will go up and down, as the financials are in a constant state of flux and denial, which is why it is a good time to buy as many shares as one can and do nothing but sell covered calls and covered puts forever. Owning UYG can be the only stock one needs to own to create a steady income for years to come.
I would like to hear from someone to find out if my thinking has any holes in it, as I may have missed something that I don't know about.