Example from today: Quarterly dividend is 31.5 cents for INTC. You could have sold a cash covered put INTC 46 May 24 for 1.31 (high for the day; which was the low point for the stock). That would be a year's worth of dividends (figuring a $5 commission; 131 - 5 = $126) in two weeks and a day. Depending on where the stock price goes in those two weeks, you might end up a proud owner of 100 shares (per contract) if it ends up below 46/share on May 24, in which case you can play with it some more, sell a covered call, or just set an exit price. (You'll start collecting the actual dividend if you are stuck with it for 3 months or more at an annual yield of 2.74%). If it finishes above 46 on May 24, you are out of the trade, and your $4600 (per contract) was only tied up for a little over two weeks.
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