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Covered calls are often considered a great way to secure investment returns with minimal turmoil - a nice risk-free way to make some cash and keep your stock, no worries, safe and sound.

Well, not always. Not all covered calls are created equal. At least, when it comes to Apple (NASDAQ:AAPL). Apple weekly options have become the new Wild Wild West! And staid covered calls? You can make and lose fortunes in the blink of an eye.

Case in point: The March 17 600 calls started today (March 14) at 24 cents. By mid afternoon, they traded well above $6.00, finishing at $4.15.

If you'd sold calls for 24 cents (something that has become quite popular in lieu of garnering dividends), you were living dangerously. To cover your bet at today's worst, you'd have lost big -- a cool 2000%! All in a single crazy day.

Sometimes the options market can be scary. Perhaps, investors should think twice about making "safe" bets selling covered calls.

Source: Apple Weeklies Lose And Make Fortunes In A Blink Of The Eye