Investing against the tide - Selling Spider Puts

The trustees believe the US stock markets are ready to bounce, possibly quite high to S&P500 1280, over 100 points up form here. The risk profile is good for some speculation. When possible the trustees prefer to get paid up front and carry the risk, hence they have sold put options on the SPY at price points they believe the market will be considerable above at some point in the next five weeks. As options are time wasting even if the market goes down from the current 1176, trustees have 20 points of downside safety and with prepared loss of 4k more downside can be accepted. All advisors including Peter Foley by SMS from Sweden point to a bounce as markets are oversold.
Position was sized in to over several days and is now full allocation. As such it warrants daily monitoring. Trustees note that they DST as trading in US finishes and a more acceptable 8am rather that 6.00pm. Trustees prefer to speculate in US at end of session rather than start, as this provides ability and self control of placing limit orders more aggressively knowing that if not hit can reassess that trading day.