Dell is reporting earnings tomorrow (information brought to you by the lovely people at Option Slam–added to the “Important Technicals” section), and I figured I would give my new option purchasing abilities a try and do my first ever real strangle. I bought 1 DELL Dec 11 call @ 1.10 and 1 DELL Dec 10 put @ .98 for a total strangle price of 2.08 plus the expensive fees.

Note: Puts up 4%, Calls are unchanged.

Update: last update before I go to school. Up $17 on the puts and down $9 on the calls for an overall gain of $8, or +3.85%.