You expect that the market’s expectation of recovery rates of a given issuer will be higher in a few weeks. There are two reference instruments for the same issuer: senior (S) and junior (J). Which of the following strategies would you prefer? Explain why. 

(a) Long S, long J. 

(b) Long S, short J. 

(c) Short S, long J. 

(d) Short S, short J.