OK, the market seems a bit more inviting today. This is an OFFICIAL CPTI portfolio position. With the SPX at 1476.30, let's:
Sell 20 January SPX 1330 puts - SXYMF
Buy 20 January SPX 1320 puts - SXYMD
Credit of about $.70 ($1,400)
Total net credit of about $.70 ($1,400). Maintenance is $20,000. Cushion, at this moment, is about 136 points.
Good luck, be careful and trade smart!
This takes the place of the previous SPX Iron Condor suggestion that came out before the Fed announcement that was never placed because of the market uncertainness (not that it's that much more certain now). :-)