As a group, we do not talk enough about current option strategies. What I mean is we don't analyse, as a group, where the current volatility rests--in relative terms or absolute terms, or even its trend. In the same breath, we don't discuss the trend of the underlying. We all know that directionality of the underlying and iv of the option are the most important factors in determining option strategy. Therefore, I am going to take a look at the current situation and offer my thoughts. Currently, the VIX is below its mean (24) for the past six months. Short-term, the s&p emini is in an uptrend. There hasn't been a down day in the underlying or an up day in the vix for over two weeks. Options look cheap. I would buy puts--front-month, for I think there will be a sharp and swift correction. I would look for the vix to trend toward its norm before selling. I tend to follow the "three day rule" here--three days of increasing vix or three days of decreasing of the underlying. After I see this pattern I sell. As an aside, corrections these days are fast and sharp--as are the rebounds..there do not seem to be anymore formations of healthy bases after corrections, just fast bounces. Therefore, holding these options for long is a mistake. I appreciate any criticisms of my suggestion as well as your original thoughts on current strategy.