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.