It's been awhile since we put on a new position. Here are a few choices for you.
With the RUT trading at 760, lets:
Sell 20 December RUT 680 puts - RUYXP
Buy 20 December RUT 670 puts - RUYXN
Credit of about $.45 ($900)
Sell 20 December RUT 690 puts - RUYXR
Buy 20 December RUT 680 puts - RUYXP
Credit of about $.65 ($1,300)
Obviously, the conservative trader will select Choice A. The more aggressive trader will select Choice B. Maintenance will be $20,000.
There's still not a hell of a lot of premium out there. That's why we're starting to put on December position with seven weeks to expiration. Double check the option symbols before you send your order. Be flexible and be creative. Just don't get greedy.
Look at the 830/840 bear call spread on the topside. At this writing, you may be able to get $.40 - $.45. Or, wait for the market to pop up a bit. I'm still concerned about the topside, but a 70 point cushion is all we can hope to get. If you're concerned, you may only want to trade 10 or 15 contracts of the bear call spread.
Be careful and good luck,