Yes that's a third choice but which is it? The straddle option is helped out by the fact that we appear to be in a period of high "fundamentals" induced volatility. However I'm inclined to say that we don't have enough evidence to really choose between the 3.
Personally I'm steering well clear of the stock mkts until all this clarifies. Pleanty of other much clearer mkts to trade in the meantime.
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