When looking at Theta, remember that it decays exponentially increasing substantially as expiration approaches. Also selling puts is a very effective strategy if three steps are implemented: 1. The options are sold on something you want to own, 2. The capital is set aside to purchase the underlying if assigned, and 3. It is part of a long-term strategy with the expectation that it will be implemented multiple times (dollar cost averaging). Personally, I only sell puts on indices since they have an upward bias, are cyclical and have a negligible probability of becoming worthless (such as in a single stock). If the above is applied correctly, you will never have to worry about market direction again. Best of luck.