Right now PUT options are expensive compared to Calls, most likely pricing ahead of the "Fiscal Cliff" deadline. One way to neutralize a strangle position is to perform a strip strangle.
The Strip strangle, also known simply as a Strip, is a long strangle which buys more put options than call options and has a inclination. As a Volatile Options Strategy, Strip strangles are useful when the direction of a breakout is uncertain but is inclined to downside. Strip strangles can also be used to balance strangles into delta neutral positions. Strip strangles make a higher profit than a regular strangle when the underlying stock breaks downwards but will make a lesser profit than a regular strangle when the underlying stock breaks downwards.