Our 2017 target for CLF (per the rolls we made recently) is $15.  At that price, we make a bucket-full of money!  For example, 30 2017 $8/15 bull call spreads were $2.05 on 9/30 ($6,150) and we sold 30 2017 $10 puts for $4 to cover ($12,000) for a net credit of $5,850 in our Income Portfolio.  At $15, we'll put another $21,000 in our pockets.  

That spread is still a net credit of $3,000 (up $2,850 or 48% in less than a month) so I still like that one a lot as the total upside potential is 450% so this is just "on track."