A straddle is any set of offsetting positions on personal property. One example, is a put and call option on the same number of shares of a particular security, with the same exercise price and expiration date.
Definition of flack for English Language Learners. : a person whose job is to make people like or be interested in someone or something.
Flotsam is the floating wreckage of a ship. You'll often hear it used with the word jetsam, which refers to floating objects that have been thrown from a ship, usually to lighten it before it sinks. You can keep flotsam and jetsam straight by remembering that flotsam looks like the word, float, and jetsam looks like jettison which means to cast off.