$(document).ready(function() {
  var direction = 'up';
  
  $('a.toggle').click(function() {
    $(this).siblings('.moreOptions').slideToggle('fast');
    (direction == 'up') ? down(this) : up(this);
    return false;
  });

  function down(what) {
    $(what).html("Show less ↑");
    direction = 'down';
  }
                          
  function up(what) {
    $(what).html("Show more ↓");
    direction = 'up';
  }
});