Hi Shoppers,
There is nothing cheap about the Gamestop (Ticker: GME) options, holy cow!
Next week’s 128 calls are $.37 and 4500 of them traded yesterday!
Not only do we have Roaring Kitty back, the earnings report is Tuesday.
Here is the chart with my pitchfork:
Yesterday’s action created a small possible doji candle just below the median line but holding support of the gap created on May 13th.
Now, I am not recommending going long GME but if you are so inclined to support the little guy this is what I would do:
In the Jun21 cycle, I like the 27/37 call vertical for $2.00.
This stock makes insane moves, have a trading plan:
Where you will take your loss
Where you will take your profits
Good luck and thank you Roaring Kitty for reminding us how evil they really are! GGRRRR …
Trade Review
The hammer created on Friday in S&P 500 (Ticker: SPX) is panning out. Chart is still looking bullish to $5343.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain
BY LICIA LESLIE
June 5, 2024