Take the opportunity to buy Facebook (FB) as the market is bouncing higher and showing to us that the underlying hope and desire on Wall Street is to push stocks higher if Congress can work out a deal on the debt ceiling.

FB has been making great strides in proving to investors that it has the ability to monetize mobile users. It was never a question whether FB could generate revenues from its operations, but the fact that it has been able to ramp up mobile revenue has been huge, as many investors see that as the future for online marketing. Since its last earnings announcement in late-July, FB has been climbing higher, and currently sits around $49 — eclipsing its IPO price of $38 by nearly 30%.

The bearishness on Wall Street caused FB to pull back from its recent highs last Wednesday, but the stock soon recovered as the market seemed more hopeful near the end of the week. We anticipate the stock will climb back up to $51 in the short term, with the potential of climbing higher. FB releases its next quarterly earnings on Oct. 30.

With FB’s price so close to our target, the best way to leverage this upward move is with a call option.

Recommendation: Buy to open the FB November 50 Calls (FB131115C00050000) for a maximum price of $3.75.

InvestorPlace advisors John Jagerson and S. Wade Hansen are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news.  Get in on the next trade and get 1 free month today by clicking here.

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