So how's this for premium? 15% return for 19 days. With WM at 3.90, a simple ATM buy/write on WMHH will get you there. What's the downside? Well, WM could be the next IndyMac and the stock could go to zero. . .but in the next 19 days? You be the judge.
Meanwhile, put premium is up in smoke. The TH puts closed at .87 on Friday and opened today at .68 (hypothetically .86, but no retail trader got that print) with WM up .20 on the open. That's what we call weekend premium decay.