New position in WFM

Yesterday morning I sold to open a WFM $50 May put for a $295 credit. I'm playing this one for a bounce and the plan is to close the trade once I can capture at least 50% of the original premium. 

As you can see on the one-year chart, WFM is well off it's October 2013 highs and it's just a dollar or so away from filling a gap that goes back to May 2013. So, technically I feel like the stock is very close to a bottom. Fundamentally, I believe there was an overreaction to the news that WMT would be entering the organic food space. WFM sold off hard, which - in my opinion - created this great opportunity.