IBM Strangle

Opening a new strangle on IBM.  The stock looks like it may be getting a bit extended after breaking out of a long base.  (So overall bias is bullish - if you were to hold a longer term position, it would be to the long side).  Just to give me a bit more time (and the premium difference wasn't too much), I have decided to open Dec 145 calls and Dec 140 puts.  If the stock drops at earnings, I can cash out the puts and hold onto the calls since I don't think the base breakout would fail. IBM calls are trading around 3.00 (Dec 145) and the Dec 140 puts are around 3.95 at this time.  It is quite possible for the stock to pull back to 134 or so in the near term.