[ConservativeOptionStrategies] DLS in XLE Question

 

I have a diagonal leap put spread going in XLE (current price 49.68). Here are the details:

long 13 XLE Jan12 80 puts cost basis 24.35 (current price 31.65) delta -.95

Short 5 Jul 55 puts cost basis 1.59 (current price 5.75) Delta -.91

Short 5 Jul 56 puts cost basis 1.98 (current price 6.70) Delta -.94

The delta of the entire position stands at -296.20. I'm at a loss as to what to do with this position. I'm sure the huge negative delta is due to the 3 more leaps I have than short puts. I've been reluctant to take off the shorts since my history dictates that as soon as I do, the underlying changes direction and starts shooting up.

Any Suggestions?

Thanks,
RFH

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