Rolling our FB call contracts to a lower strike price and June expiration date.
This lets us buy more time for the stock to trade higher, and also gives us more intrinsic value for our call contracts (which should lead to more profit for every dollar FB trades higher).
Sell (to close) our 3 FB May 20th $180 Calls
Buy (to open) 3 CVX June 17th $170 Calls
Limit: DEBIT of $14.00 or less
The new position will represent roughly 8.5% of our Spec Model capital ~~~~~~~~