The theory of mental models is a current cognitive approach trying to describe the way people make inferences. According to this theory, people reason from possibilities or models linked to sentences. Sometimes, such possibilities or models are transformed by the action of a semantic modulation. The point this paper is intended to make is that Stoic logic also has the machinery to explain semantic processes such as that of modulation. This is shown by means of the criterion Chrysippus of Soli (...) provided for conditional sentences and the theory of sign related to that criterion. (shrink)