Crude oil and other commodities have been in freefall. Bonds are performing well, but with the yield on 10-year Treasuries at 2.4 percent on Dec. 16 and corporate bonds’ default risk still high, the bond market also looks dicey.

Fortunately, investors can turn to the options market to create a variety of pre-defined risk-reward opportunities. Directional butterflies and condors are two option spreads that risk a little for a chance to earn a great deal if the underlying moves in the desired direction.