prabbit--If you like selling covered calls (I do too) you should check out FXP (short Chinese market) and the huge premium you can get for selling calls. Many think China is due to pull back further, so that buying FXP alone can be very profitable. I never feel like I can be sure on the right entry point, so I have been selling covered calls for close to 10% per month. If you decide to do this, start small after a significant pullback. If the overall market rallies and FXP drops more than your calls, you can easily work your way out of the situation with the huge premiums. But if this happens, consider cautiously adding shares of FXP and selling more covered calls. Take a look at the chart on FXP, especially the intraday swings.