How to play the "No good option"

History of debt ceiling "volatility"

JPM's market intelligence team reminds us:

The downgrade on August 4 led to a volatile market with several declines in the SPX and a peak VIX of 48 (was around 20 into the event)....SPX had a 6.7% decline on Aug 8, 4.4% decline on Aug 10, a 4.5% decline on Aug 18.