Risk Reversal on Materials ETF - xlb

Stocks plunged again today.  That provided the "opportunity" to establish the risk reversal options based position in the materials ETF (xlb) that was originally described in  Friday's Shopping List article

At the time of the trade XLB was trading at around $32.9.  Sold 2 lots of the  Dec. $31 puts and bought the $34 calls for zero out of pocket costs after commission.  CCI will be long the xlb if it falls below $31(5.8% more down)  or if the etf trades over $34 (up about 3.3%) on the December expiration.

Scenarios
Below $31 - We miss out on the first 5.8% loss but after that lose dollar for dollar on any further drop.  (i.e. this position looses less than buying the etf today).
Above $34 - We miss out on the first 3.3% of gain but after that gain dollar for dollar on any further rise (i.e. this position makes less than buying the etf today.)
The idea of sacrificing 3+ % of the gain to avoid nearly 6% of the loss seems like a good risk reward.  Also option implied volatility is high if it comes down there might be trading opportunities around this position