I guess you need to think bigger rather than just your own personal funds.
Arbs (which probably exaggerated the decline today a bit), take that "little" 1.2% and leverage it up 10x or more. So that 1.2% in a month quickly turns into 10% for a few weeks. Not bad if you ask me.
As far as your other suggestions, they might be great, who knows. Again it's all if you can lever up (you should look into understanding how all of that works).
Personally, I am not levering up, but hey I can easily buy today 123.25-.35, and sell for quick scalps in the coming week. Better than cash if I'm not using it.
it's at levels that make sense to get the quick flilp. Arbs will be back in on it soon. Just some worry warts as of now. Deal is supposed to close "early Q4," which is October. Easy money to buy and hold here for a decent little percentage gain over the next few weeks.