We will have crazy Christmas rally if fiscal cliff get resolved. If not, the market will tank like waterfall. With the VIX as low as 17, my Christmas trade will be : Straddle for SPX 1410 (Dec) ~ $21.00 based on Friday market price (or $2.1K per contract). *The Dec contract will expire next Thursday but the chance you will get an answer for the fiscal cliff before Thursday is significant high. You can short "wings" if you want to lower the entry cost (long 1410 call and put, short 1430 call & 1380 put) but this is not my prefer way as it limit the profits. You can use SPY if you have small account. Any comments ??