Traders sell iron condors when they believe the market will be range bound and that implied volatility overstates how much the market will actually move. Therefore iron condors are sensitive to changes in implied volatility and can be used to profit from a declining VIX, or in this case RVX.
But why bet on a decline in the RVX now? One reason is seasonality. Typically the December expiration cycle is a good time to short volatility because all of the exchange holidays and light trading volume mean there are fewer days for the market to make a big move. Another reason is that any good news, either of a Spanish bailout or progress on solving the fiscal cliff, will send this market higher and bring implied volatility crashing down.
By selling this particular spread, which has an exceptionally wide range where it can profit in, and market implied 88.50% chance of success, the trader demonstrating uncertainty about where the market will go and merely wants to collect some money by choose levels he or she is confident the market will not close above or below. While this spread has a high probability of making $1.15, it could lose as much as $8.85 if the market trends one way or another. Therefore traders planning to trade it must be prepared to hedge the position with stock or other options if the market moves against them, or size the position so that the maximum loss can be taken without too much pain.