Yeah, ain't that the truth. It's at the point anytime the VIX is under 11 I sell a put spread a few months out and wait for the small spike we will get, cover. And then wait till it goes back down again.
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It's a "decent" strategy because one would "expect" a quick move either way at extremes. I personally don't like to take ANY short trade in any vehicle that is in beat down mode tho. Here's a play a straddle would work well on though. But the options are too thinly traded so I guess you could just sell calls up to $6. I'd short at 5.57 tho. I'm not good with straddles. And the downside is much greater than the upside for SIRI so use your own stragegy. But I'd have little fear of selling calls on SIRI up to my short entry at 5.57+ right now. Then enter SIRI via close to the money put that expires at least 30 days out. SIRI is already "perhaps" the most grossly overpriced stock out there imo.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=siri&x=65&y=7&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9