When the market offers you free money

It is amazing that the market cannot stop offering free money to those who know how to collect. A couple of months ago, I presented the case to collect some free money from IBM: a few hundreds of dollars within 10 days. I just saw another opportunity for some free money. IBM has been in a range bound between $180 to $210 in the past 2 years or so. It is now at its low end again close to $180. So if you know how to collect the free money, you may simply sell its Nov 16 puts. One contract (equal to 100 shares) at the strike price of $180 would let you collect $470 as of today's closing. So in about one month time, you either get $470 free & clean if IBM stays above $180 by Nov 16 (most likely the case), or the worst case scenario you buy IBM 100 shares at $175.3, a 4% discount from today's price at $182 and start to collect its 2.1% dividends. You can further juice your income by covered calls. Cannot be a better deal and I cannot get enough of it! I don't have time to go into details and maybe over the weekend I may talk more about this that IBM is Buffett's favorite this year. I assume you cannot go wrong with Buffett for the long-term value investment.