For my own trading strategy, I plan to short weekly/bi-weekly relative/local tops at least for the next 3 months, with monthly index option.
Note: Unfortunately, I cannot find +/- index data with the same idea pre-2008. Any help would be appreciated.
WisdomTree 500 Index
The WisdomTree 500 Index is a fundamentally weighted index that measures the performance of earnings-generating companies within the large-capitalization segment of the U.S. Stock Market. Companies in the index are incorporated and listed in the U.S and have generated positive cumulative over their most recent four fiscal quarters prior to the index measurement date. The index is comprised of the 500 largest companies ranked by market capitalization in the WisdomTree Index. The index is earnings-weighted in December of each year to reflect the proportionate share of the aggregate each component company has generated. Companies with greater generally have larger weights in the index. WisdomTree Investments uses "Core Earnings", computed by Standard & Poors, as the weighting metric. Core is a standardized calculation of developed by Standard & Poors designed to include expenses, incomes and activities that reflect the actual profitability of an enterprises ongoing operations.