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Given the recent ILMN move to over 51, and the low implied volitility compared to the historical volitility, would this be a good time to buy a straddle (if we are not sure which way this would move) or a bear put spread (if we think it will go down when the shorts stop covering).

If so, which strike prices for the straddle or the bear put spread. Does anyone think IILMN can still go up significantly (which would argue for the straddle?

My reading is that volitility is likley to increase over the next few months.

David in Thailand
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