Apache Corporation’s shares have taken a beating since I put on the December strangle. I am rolling this position into a January straddle with a 22.5 strike. This move gives me more time to be right, additional credit of $1.02 and positive delta as I lean toward the price rebounding at some point. So I bought back the original position and sold the following:
Sold APA Jan 22.5P/22.5C for a total credit of 2.64.