I am adjusting the /ES strangle. Usually I would roll up the puts to collect additional premium as the S&P rose, but this time I decided against doing so for two related reasons. Volatility is low so the credit that would have been received was not sufficient in my estimation and I am becoming more and more bearish on the S&P. So I just bought back the Feb 3090 Puts for 8 points. The new position is

Sold /ES Feb -3220 C for a credit of 82.75.

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