Shifted Long on IOC

IOC hit my downside target of $60 today, and as it bounced back, I lifted two legs of my 4-part option position.  Sold the $65 puts and bought in the $70 calls.

I suppose I could have saved myself a lot of trouble by putting on the original trade (selling the $60-$70 put/call strangle) and just letting it ride.

But if you’re watching, why not do something?  My Zen Master would disapprove.

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2 Responses to Shifted Long on IOC

  1. GeorgeR says:

    The three month volatility within a $60-$75 channel sure invites option strategies.

  2. hhill51 says:

    Just proved to myself (again) that guessing directionally in this market can be expensive. OTOH, if I had just left well enough alone, this trade would be $10 in-the-money per share, with 15 days to go.
    The market giveth, and I giveth back.

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