SPDR S&P 500 (SPY)

[steveftw]

Guys - I may be out in left field here, but I think that NM opens option positions as short positions - it's a wonderful concept if you have the money for naked options.

Not only does he get the reduction in premium as the market falls away from his open calls (or up towards his open puts), but he also pockets the decay of the time premium.

Excellent way of making coin - assuming you are willing and capable of funding naked open options.