META was a disappointment...but not necessarily for options. A mixed quarter and a weak guide have taken a toll on the stock this morning, and it is nearing a 15 point drop early off the open. While the Aug12 strangle has not moved into the green, this is still a good opportunity to scale back risk a bit because of the short-term, higher-risk nature of the strategy. The plan here will be to close the Aug12 $155 - $150 put spread and roll down to a tighter Aug12 $152.50 -$150 put spread. This will cut risk on the trade by ~50%, but still provide a window to capitalize on an extension lower.