I still have a couple of weeks until expiration, but my hopes aren't high that price will retrace to 10 or 11 at this point, such that I will be able to get out of straddle at profit or, at this point, for scratch. Consequently, I'm going to close out the short straddle set up now at a $74 loss.
I am then going to strike while the iron is hot (price is low; high) and move to set up a covered call in order to mitigate my loss on the short put side and hopefully to turn a net modest profit when all is said and done.
Here's the covered call setup:
100 Shares X
Jan 15 9 short call
Max Profit: $161 (if called away at $9 per share)
If price is >$9 at expiry, my 100 shares are called away, and I'm out for $161 profit/contract (which will offset the loss incurred on the short straddle of $74 ... ).
If price is <$9 at expiry, I keep the credit for the short call, and continue to sell short calls against the position, further reducing my cost basis in the stock.