Friday before the close I set up a June weekly bear call spread in FB. Specifically I sold to open 10 62.50 calls and bought 10 63 calls. The transaction resulted in a NET credit of $200, while my potential max loss is $300. This trade expires next Friday.
The bottom line is this - FB did not participate in this week's market rally, there seems to be solid overhead resistance around $64, and there are no near term catalysts. I see the stock drifting sideways to down over the next week.
My stop on this trade will be a close ABOVE $63.19.