$Chewy, Inc.(CHWY)$ 1. CHWY buys back 17M shares at about $28-$29/share.
2. Someone immediately spends $1M on CHWY 6/28 35c
3. DFV posts a picture of a dog as the price spikes up to about $38
4. The price spikes back down to about $30
Conjecture
1. CHWY got shorted to shite to get it back down that quickly. If those shares aren’t bought back (price goes up) over the next 3-4 trade days, then the MM invoked C+35 and is trapped just like Biggie talked about
2. If so, look for 5k chunks of CHWY calls bought in a gamma frame (just like $GameStop(GME)$ )
3. Alternatively, look for the MM to withdraw options from the market.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments