It may be. You never know. But what i look for in a selloff is the previous 3 days. If the fourth day breaks resistance of the previous three i go long. If the stock is trading above the 13 day moving average all i look for is the previuos days resistance. If it's broken i go long. In this case the stock is trading below the 13 day sma so i play what i call my 4 bar pertual short term trend finder. The feb 26th high was 27.46 so i entered at 1/2 a percent higher or close to at 27.60. This is a good setup and we are in a bull market. I also think that we will hit new highs next week which could possibly move fb much higher. I bought 28 dollar weekly calls at .46.
you don't think that the market is entering a correction mode? I don't believe that it was the Atlas buyout that has now sent the stock $1 up! Nonsense. I'd rather think that the longs believe there won't be any correction and are taking chances here. But hey, the higher the risk the higher the ROI.