It may sound counterintuitive. Selling puts if you think markets will go down? A Warren Buffett style strategy. I'm selling deep OTM puts at least 30%, preferably 50%, with at least one year to expiration. Only on good indices like the Dow Jones, or good reputable bluechips. Only two things can happen: A. The markets don't go down as much: I keep the premium. B. Markets go down big, I get assigned, so I am happy to own DIA shares at about half the current price, even if they go down still more (temporarily). If stocks go down, I can buy more DIA shares for the same money so I get better dividend yields.