The XJO dipped to a low of mid 4200 in early Sep12 and rallied to mid 4500 in mid October.
If you share the view it’s likely to mirror the range from now to pre-Christmas and want to make an income from it, then we’ve got a trade.
Go long at 4300 Dec12 XJO by selling put
Go short at 4500 Dec12 XJO by sellingcall. Together the combination gives 40 points credit or *$10, $400 per contract
Set aside about $2k cash or share value per combination of the trade and leave it alone till 20Dec12. Meanwhile XJO can go anywhere it wants to, there shall be no implication. As long as it stays within 4300 and 4500 on 20dec12.