#GME "market update and recap" part 1 - so you remember this past weekend while everyone was talking about the 19th I told you that the days leading up to the Quadruple Witching were going to be the most volatile. Today what you saw was the sell off of the options block.
Hence why I indicated in a previous tweet about there being a time limit placed on options. So let me explain why - options can only be traded during regular market hours when he actual stock trades they cannot be traded after hours. Why is this important? Well today we saw an
influx in volume that was a massive sell off of options. All if not most of the transactions that took place. if you go back and look at the order book they are in multiples of 100. If you didn't know you can only buy options on most platforms in multiples of 100. And then in ah
you can only trade the real shares not options. Why is this important. Overall today we saw a 23M share sell off for GME. While I can't tabulate the amount now of how many options were exercised but will follow up when the final numbers come out. This call option sell off
resulted in the open int.,implied vol%, and the volume to virtually disappeared from the record books. Remember when I talked about who was a market maker and informed investor yesterday. These are the ones who sold off their stock today triggering a sell off during regular
trading hours. That was what we saw all throughout today for GME. These options for GME were all below what we were previously trading at on Friday as well as the pre-market. My guess is that they sold all of the options under $280 with the only option still having a bit of both
was $210, which has not been covered by the hedge funds up until this point. Historically GME has had three days of sell offs M-W and TH it tends to rebound. Our current problem is that they are trying to shake some of us loose.
I think today was no fluke at all as in this market things are never what they appear to be. If I follow my gut it tells me that more and more HF who had short interest in GME covered today and it also tells me that some big whale wanted in our action and waited till today
during the option sell off to be able to mask it's actions behind what we would call a short ladder attack. That is purely speculation on my part. It's for a reason that I mention below. Side note:
I remind everyone only to hold if you can, buy if you can afford to, and sell if you have absolutely have to. I'm in it with you and I can promise that I will let you know when I buy or sell. At the moment due to volatility I did not buy or sell any shares of either AMC or GME
today.
Today @PlayboiiAntt pointed out to me that a new handle was forming on the GME chart. Thank you for continuing to look and be diligent. It was my understanding that we'd already had the cup and handle and that we'd spent about two weeks filling up the cup to where we
Today @PlayboiiAntt pointed out to me that a new handle was forming on the GME chart. Thank you for continuing to look and be diligent. It was my understanding that we'd already had the cup and handle and that we'd spent about two weeks filling up the cup to where we
where this last Friday. I have two theories about this formation. So here me out the first is me stating facts and the second is me having a bit of optimism. lol. Last week we saw AMC go through this type of issue where it
had sell off points deep into the 8 and 9 dollar slots over the course of the week until it finally broke out today. Remember I stated that if they managed to turn the handle back into the cup this would not be good as it would change the overall direction of the stock. Now it
looks like this is what's happening with #GME. Word to the wise if this turn goes back into the cup past 180 which is our current support line they have managed to manipulate the market just enough to change the direction of the stock. We have to hope that tomorrow's SSR will
hold up and only allow for the sell off to occur on the uptick. This takes out the market makers (Citadel and friends) who only be able to short on the uptick starting tomorrow morning. 2) Now you all know I'm very bullish on both of these stocks and I have always been. I think
and don't get mad at me if it doesn't happen overnight. But I got a gut feeling we are finally starting our approach to the main event. 👀 I will wait for the pattern to keep forming but this appears to be what is taking place rn. We are at the base of the climb. Part 2 #AMC on
the way.
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