If one thought that the SPY may drop 10% by 12/30/13, selling a put option
seems to make sense.
Currently bid is $1.05 for the 12/30/13 SPY Put with a strike of $157 ( about
10% lower than current trading) so for a investment of $1000 one could buy ~952 options ( $1000 / $1.05 = 952 )...