It's time to close META. We were giving the Aug12 strangle until mid-week to find direction, and while the stock has bounced, it has not moved enough to warrant continuing to hold. We worked quickly to scale back risk on the initial drop, so while frustrating that the strangle did not pay post-earnings, rolling helped prevent a bigger hit on the options. The Aug12 $185 - $190 call spread and the Aug12 $152.50 - $150 put spread roll down will be closed this morning.