GME had a nice meme two day run, I am all for irrational exuberance, sticking it to the man, whatever populist battle cry is coherent
but unlike 2021, the expanded GME float to sustain up momentum is a heavier weight, no Melvin Dr Evil hedge fund to squeeze, and the Roaring Kitty army got burned when the White House, SEC did their little trick in 2021 of shutting down GME purchase orders but not sell orders, think about how that resembles some dictatorship
Bill Gross Tuesday sold $40 calls that expire Friday when GME was at $48 so $15 vol premium, I also got, and Gross sold $40 puts for $7 expiring Friday, his bet is volatility has run its course in a band between $18 and $62, selling volatility not a bad strategy when vol premiums spike
GLTA
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- RoyRoberts·05-16The actions taken by the White House and SEC did seem questionable.LikeReport