In today’s portfolio analysis, we kick things off by closing out our easy winner from NFLX earnings. [We played the event](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/51920-portfolio-analysis-trading-tgt-earnings-05-19-2020 ) with a simple Short Call Spread, and with the down move in the stock after earnings, it easily hit [50% of max profit.](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/portfolio-tactics-managing-winners-managing-early-a-closer-look-09-19-2018 ) Then, we look at our IBM earnings trade, which hasn’t worked out as well. With the stock now testing our Short Put strike, we look to stay mechanical and roll our untested Short Call down into a tighter Short Strangle.