$GameStop(GME)$  That last minute candle in the after market at 8 was very interesting. The overall market appear that is setting up for a delayed santa claus rally which includes the first two days of the year.

Gme as of 8pm is 7% from the 22 month low ($17) and 9% from $20 which would put 5 strikes with large open interest in the money that expire tomorrow. A 9% rally would put puts that are in the money out of the money. $20 is also where max pain was this morning so it is not out of the question.

So how am I preparing to react? If the market rallies and gme goes down, I would become very bearish on gme, that would be an extremely bad sign. If the market rallies and gme rallies with it, it depends on the time how bullish I would be. If it rallies in the am hours, I would be very bullish on gme as due to the open interest in the call side would put buying pressure to the upside. However, if the rally comes towards the end of the day (after 1pm) after a lot of the open interest have been closed, it will not be as strong of a rally.

TLDR; Market positive and gme flat or red = BAD; Market positive and gme rallies in the morning (not late in the afternoon), nice rally possible into next week, the set up comes back into play.