05 14:05:46 DBL DIAG Long Strangle BUY +10 XSP 100 FEB 06 132 CALL .60 LMT DEBIT BUY +10 XSP 100 FEB 06 122 PUT Short Strangle SELL -10 XSP 100 JAN 06 131 CALL SELL -10 XSP 100 JAN 06 123 PUT I am planning to enter the trade which is called a double diagonal. The purpose of this strategy is to bring some of my long strangle cost of the Feb month. In other words, having a long strangle for the month of Feb and having a short strangle for the month of Jan without being naked. If things go well without having any possible adjustment then after expiration in Jan I will have just an outright long strangle without any string attached. At that point I look to see where SPX is trading after Jan expiration then I restructure my long strangle. New Structure might be Iron Condor, butterfly, or just Bull or Bear vertical who knows, we just wait and let the market tells us what action needs to be taken.