Favorite: Long at the money options with which to scalp gamma; short out the money's at a ratio to the upside for a hedge.
================= Do what Sheldon Naternburg mentioned in a ''moderate bullish or moderate bearish market-buy or sell short the underlying'' Actually even in a real bearish market like [AMR sell short last week;was better selling short than their put prices.] Might help to include watching one stock a lot also; high probability AMR was going & trending lower.