I couldn't agree more, given this rare combination of mitigating factors... demand for shares should be strong in the pre-market and throughout the day, it will be interesting if the options writers have the power to pin this at a strike of their choosing. Frankly I will be surprised if they can stop this from closing above $44.
monster vol. premarket.Battle for the remaining float.Stay long and ride these shorts all the way through next week.Up grades and price targets on the way directly and Christmas on the way makes this a safe long play.
yep, golden cross on tap for the am... traders took profits tonight in AH, and new shorts did a nice tape-painting job into the 8pm hour... tomorrow is when the real bullets begin to fly.
check the daily chart over the past month or two, and you will see what some could argue is a cup & handle bottoming pattern -- that, or a bull flag pattern formed over the past several weeks,-- basically since earnings season began for retailers. Both are especially bullish patterns (to a chartist like myself) so if and when the breakout to the upside occurs, the move tends to be powerful, even more so with the kind of short interest that GME is saddled with/enjoys. I realize that GME shares often cannot hold gains the day after an earnings surprise, which is why I bought calls dated to expire NEXT week, since I thoroughly expect the large hands that write weekly options to attempt to pin this tomorrow at the lowest strike possible -- unless of course, they wrote more PUTs than calls heh heh heh... that is the wildcard for tomorrow's expiry. GL with your Septembers, I believe patience will be rewarded here as certain market mechanics must eventually play out here as genuine buying pressure, in addition to forced buy-ins from short sellers' brokers, ensues.
Ok thats fine. if it goes to 48 you will make around 5k, I didn't realize u were gonna hold longer term and expect a run up to near 50. I was talking about tomorrow. I will sell my tomorrow expiration at open. I was gonna sell the sept 20, which i have 3k worth at maybe a 3 to 4k profit, but im contemplating holding, not sure what to do. What makes u think 50 is in the future besides an upgrade and some covering? Ive been burned too many times holding options too long. So im more inclined to ditch tomorrow.
my calls do not expire tomorrow, they expire NEXT Friday. I paid 1.22 per $41 strike call about 2min before the close today, 5 in total. Should GME shares rise to $48-53 by next Friday, I stand to make ~3-5k on a $650 bet. Does that clear things up? I will be happy with a 2k profit frankly, but results tonight were especially robust and suggest a powerful breakaway gap up in the morning that does not fill anytime soon. Such gaps often spark an albeit temporary, but exaggerated move higher, fueled by shorts and speculators alike.
IB's worth their salt shall announce upgrades/initiate coverage by 6-7am tomorrow, along with new price targets.
I have 3k worth of calls for sept and 1500 for tomorrows exp. Ill be lucky to get 5k profit from either. how do u figure you could profit 3-5k on a 7% pop in stock. my guess is we will see 150% in the weeklies and around the same in the sept. your 5 calls would have to go up 700% for your 650 to be 5k, what am i missing?
I'm expecting more than a couple important upgrades tomorrow from the larger IBs and perhaps from a few minors who do not yet cover GME. Few - very few retailers beat on all 3 fronts this quarter as handily as GME did tonight. The best part is that where other retailers showed a soft/weak quarter, Gamestop showed strength in a "tough" consumer environment. Let's wait and see... GL
I know the post-earnings history here... I also know that GME's short interest is at historic highs, while shares remain hard to borrow... sellers will have very little ammo to throw at this tomorrow and next week, I am expecting a short seller "mutiny" of sorts as they compete for shares with those funds that need retail exposure going forward; tonight's results were good enough to attract new $ and old $ that abandoned GME a quarter or two ago. Either way I believe that pain awaits sellers here ultimately, despite a likely attempt by options writers to pin this to $43-44 tomorrow.
just note, GME has a history of loosing all the gains. I wont be surprised if it closes down by $3.
Shorts will take control over the stock tomorrow.
nice, I went straight calls, a $650 bet that could net me $3-5k if this plays out as I believe it will... however, I can smell an options pin tomorrow btw $42.50/43.50 ... unless, of course, a genuine squeeze commences, obviously. ~$44 was the AH high tonight so far, but Jimmy Bugeyes may pump this thing on his dog and pony show tonight.
as a holder of 5 $41 strike calls that expire two Friday's from now, believe me, nobody here wants to see $50 print tomorrow more than I do, I just realize that Wall St has a funny way of making you stay patient for the big moves, which is why I did not mess with the calls that expire tomorrow. If GME can maintain say, $50 by next Friday, I may exercise and initiate a longer term position in GME as this looks to be the bottom here for the foreseeable future.
Sentiment: Strong Buy