Skankr, good post, I follow this sort of stuff, and I agree with...

Skankr,
good post, I follow this sort of stuff, and I agree with your outlook. LHG shold breakout , but which way?

Buy the ATM call and put, as close to the strike price as possible. If LHG does nothing, you will be closer to the move happening, so hold and wait, and your value wont dwindle much, as volatility is at its lowest. When it does move (up is my guess), then drop the losing leg and ride the wave with the wining option.

The only thing against you, is IF volatility falls even further. If you really think its at an all time low, then you are safe to buy the straddle.