[quote=sd_bear]i like this idea for my non IRA money. i will do more research into setting up put options at my targets.[/quote]

You can sell cash-secured put options in an IRA. Option premiums are taxed as regular income, so using an tax sheltered account is to your advantage.

Also, I would recommend using the ETF “SPY” (SP500) vs. one that tracks the Dow, as SPY is one of the most liquid ETF’s for options.