One thing I would like to do with options is take out puts on indexes. I took a hrd hit in Jan as most of us did, and profiting from a dropping market would have allowed me to buy more of some stocks that were bargains. Also, I have seen a couple stocks go on big blow off tops (SPWR is one I owned) and would have liked to profit fromit's correction as I did in it's run up without the open risk of a short position.