First, buy the stock and sell calls. Premiums are wonderful and if the stock runs, you can buy back the call and sell another one and as it runs you can do it over and over again. If the stock does not move and you sell weekly calls in AAPL you can generate a return north of 20% in a year with no underlying movement in the stock.
The second option – pardon the pun – is to sell puts. Pick a stupid price – Art Cashin of UBS calls it a silly bid – and generate some cash. The geeks who run Unix workstations to trade see the short term support at $520 and long term support at $440. Sell a $520 February put and you net $2,500 in cash for the contract. That is a 4.81% return in a month, 58% on an annualized basis. Sell a February $440 put for $290 a contract, that is a return of 0.55%, 6.6% on an annualized basis.