I don't know your purchase price or when you'll be selling of course, but my rough calculations say you'll make a nice net profit on your Spread if PCLN ends up between 620-ish and 550. That's almost exactly the range in which I'd be going Long, via Selling an October Bull Put Spread! That's what makes a Market....
I thank all for posting and giving their views... as you can see this was first posted May 9th and PCLN was at $720 ... It seems to me selling the rallies may be a better strategy than buying the pullbacks considering the Facebook debacle as well as ALL the uncertainty in the markets having to do with Europe and insider trading within our borders .
The 650-550 put spread cost me ~25$ so my max risk is 2500 and max gain is 7500. Right now I'm up about 9-10$ on the spread (900-1000$ profit.) I'd probably would have closed if I was closer to 2k profit as I'm pretty bear-ish right now, but I'd take the profit and run. (I'm long alot of other put spreads and long puts.) Unless we get QE here or in Europe I don't see the market doing well this summer. PCLN will probably run up now as hedge funds have to shove their money somewhere ... we'll see. Oh and I always try to get out at least 1-2 months before expiration.