There are some fat premium stocks that can be good for spread selling.
As far as indices, Premium selling is not bad idea, essentially this would be a directional trade. Consider RTM (Reversion to the mean) i.e., The Momo Oscillator goes back to its mean.
This is an indicator that someone will pack it and sell eventually. Watch out.
I've been holding onto FB since I purchased it at $76 in February before it broke out. My goal was to sell FB (Facebook) when it reached at $89. For DATA my target was to sell at $115. And for GILD, I am holding it because it is making a weekly bull flag.