I don't think anyone mentioned that options gains or losses are 'Short Term' always, even if held for over a year (as in LEAPS). You are always taxed at the short term cap gains rate, no matter how long you've held your options.
i assume you mean you have purchased putsor sold calls? I would prefer the former and have 60 puts myself. Betting on the price to go down requires more patience and perhaps more courage as we all know the price will rise be ex div. i have no idea when or if the the spo will come, but i am confident we will have one or two down days in he next month. However, everyime I do this trade i queston why. just know your breakeven and be prepared, if neccessary to take a loss.
So far, I have only traded AGNC stock and Call options, but now am looking at the March 2012 $29 Puts to buy at $0.70 or less. No need to jump in until AGNC stock pps closes above $28.50 (almost there).
Then, when the SPO happens (certainly before March expiration of options), sell the Puts at opening the day after announcement of the SPO.