I'd say this is a neutral look. He's reduced his overall...

I'd say this is a neutral look. He's reduced his overall position by -200,000 options and taken a $7400 profit. Not a bullish indicator obviously, as you'd be increasing, the number of IMC shares or options you own if you thought the shares were undervalued or going up. But not an overly negative indicator either, as it's a relative small reduction of his position relative to his total holdings.

Honestly if you look at how this share has behaved after each spike over the years, I'd do exactly as the director has done and look at the spike as exit liquidity to reduce my holdings too.