The car business is booming in the U.S. — America is now considered the best-growing auto market in 2012. Understandably, at least for the short-term, General Motors (NYSE:GM) is in a great position as a company (and as a stock) to benefit from this boom.

Overall auto sales were up more than 10% in 2011 and many analysts (including moi) expect the same growth in 2012, with vehicle sales rising from twelve and a half million units to more than 14 million.

GM is owned by me, you, the American people and their financial adviser, Uncle Sam, at $33 a share. This is a very heavy overhang on the stock, for our good Uncle cannot dump the shares at a loss in an election year. So around the $30 level, you are going to see short-term traders (i.e., not investors) selling out of their positions. I say we will not see more than a 10% rally in the stock before it begins to reverse coarse.

But between now and $30, there is plenty of time to generate quick cash selling weekly options on GM. The stock is on the move again and trading above $26. This week’s GM March 2, near-the-money $26-strike put is selling for 24 cents with expiration in two days.

It may be time to sell these — if you get 24 cents or better, this is an excellent trade. Each contract will require $2,600 in capital for support, to secure the short put with cash (this is the strike price times 100).

If the put sells for 24 cents and expires worthless, you’ll have a gain of $24 per contract, which translates to a 1% return on your capital risked and an annualized return of 52%.

Michael Shulman is editor of Options Income Blue Print. Learn more about trading weekly options in this free short video. As of this writing, Michael owns shares of GM but is not trading the aforementioned option.