Adam Warner writes about the pros and cons of some popular option strategies at his blog (link).
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I don't think walking in right now and slapping on buy-writes, or their Evil Twin, naked short puts, is a bad idea. I don't think it's the best idea right now either, but I mean it all depends on what you are trying to accomplish. You're locking in fat volatility sales, but the flip side is there have been a whole lot of sales that looked very fat not all that long ago. You're also at worst, buying stock at prices even lower than these, of course that too sometimes seems dubious when the stock actually gets there.
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.... quoting Nick Perry ...
The issue with premium selling is the you have limited upside and can be subject to some big risks. That is a fine strategy if you understand that risk and have the capital to ride through a potential blow-up. However, for most of us, I think it best to keep this quote, attributed to John Maynard Keynes, in mind...
"Markets can remain irrational longer than you can remain solvent "
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