Anyone have an opinion on this one ? One of the call-ins to Options Action this week mentioned this guy. It's very close to all-time lows. The play is short put spread.....short 33's, long 31's. (Also, one could go naked a la Vic Niederhoffer !) The idea would be that even if the debt ceiling issue is resolved, there is still a chance for an S&P/Moody's downgrade of US debt...thereby raising interest rates. Worst case scenario: weaker economy in the next quarter.