The stock did pullback, but not by a large amount. And it didn’t collapse, it just saw sideways action.
I’m not going to wait for my profit target for a few reasons:
1. The stock made a new higher high and higher low.
2. Enough time has gone by to work off its overbought conditions
3. The gap down on April 6th was aggressively bought
4. Earnings are up on deck soon and I want to be out before then anyways.
Buy to close FB May 90/95 bear call spread at 0.55
Total return: 0.30 per spread
Return on max risk: 7.2%