Thanks. I am always scouting ideas that are a little less correlated.

Naked puts are a well used income strategy. The books tell you they are best used in sideways markets (like covered calls). I have had great success using them on good names in the rising market - just pick a level you would be happy to buy at 15 to 20% below the market and sit and wait.

The important part is to manage the risk - I only have 4 trades open across my portfolios. I do have enough leeway and margin open to buy all 4 if I have to on a black swan day. Mostly I would just buy the put back and rethink.