Maverick -
Sorry for not being clear. I'm looking at several alternatives:
1. Sell ATM Feb Call, Buy ATM Jan '05 Call. During downtrends I would switch to Puts.
2. Sell ATM Feb Call, Sell ATM Feb Put, Buy ATM Jan '05 Call, Buy ATM Jan '05 Put
3. Sell OTM Feb Call, Sell OTM Feb...