A few things are getting me to be slightly short biased here. And keep in mind-- I've still got some long calls trailing here so this serves as a half-hedge as well.
1. 2 consecutive days above the 2nd standard deviation bollinger band
2. "Obvious" breakout that is being chased
3. Up 6.7% in 5 days. That doesn't happen often during non-earnings events.
Here's the trade:
Sell to open FB May 90/95 bear call spread for 0.85 or higher HALF SIZE
ADD to the trade at 1.30 (And buy this back if we come in to .90)
CLOSE the trade at 0.30
I'm not looking for an outright collapse, just a bit more sideways action.