For years, investors have bemoaned the low dividend yield on stocks. But with the market down roughly 20%, the yield on the S&P 500 Index is up to 2.25%. That doesn’t sound terribly rich, I know, but it is only slightly less than the average money market is paying right now.

Washington Mutual (WM) shares are down more than 20 percent today and 60 percent so far this year. That is bad news for investors, but there is an options strategy that can help them recoup losses more quickly and get some cash upfront too!

Wall Street advanced Monday following reports of potential corporate deals -- including news that Washington Mutual might get a $5 billion investment from private equity firms.