If I had shorted at $24 I would not had panicked, reason is that what ever goes up must come down even faster. If it can come down from 45 to 17 then definitely it will come down to 24 from 27. Be happy. This stock is going up for the last couple of days every day. It has to come down. This is just what I feel.
when you cover it will sell back down,,,you'll then be suckered into selling short again, after which it will turn right back up again to compound your losses. The fact is you are a gambler (most short sellers are) not an investor...and 99% of gamblers always go broke. That's just the way it works.
From the momentum side, there is nothing stopping FB from reaching $30. Thouh it is weekend now and we will see what happens on Monday. But be prepared for it to spike to $30s area before it bonces back. I would have covered most of the position. I am negative on FB, but this run-up has nothing to do with fundamentals, it is pure hype! People called Nasdaq for a bubble halfway before it reached the top in 2000 and acted accordingly. Even though they were right roughly 6-12 months later, they got wiped out because Nasdaq doubled before crashing. To me FB looks like it is preparing for a vertical run-up before correcting. Just MHO.