WallStreetBet’s AMC traders cheered yesterday as the stock closed 95% higher.
What was even more impressive, however, was some of the action in the Options market.
The most actively traded contract was June 4th yesterdaythe Calls with an exercise price of 73. These were traded 233,000 contracts and we rose by a staggering 2,462.50.
Below are some of the other impressive moves during the WallStreetBets AMC Short Squeeze.
The total volume of the AMC share was 4.5 million, of which 60% calls and 40% puts.
SPY usually holds the most actively traded options most days, but yesterday AMC only won 3.3 million contracts on SPY.
The average option volume for AMC is around 650,000, so we saw a seven-fold increase in volume yesterday.
Blackberry (BB) was another WallStreetBets stock that went through the roof yesterday when the stock rose 32%.
The option volume was 8.68 times higher than normal and most of the volume was accounted for by call options.
Here is a snapshot of some of the action in Blackberry yesterday.
AMC and BB may have won the volume game, but after all, it was Bed, Bath & Beyond (BBBY) that won the pie in terms of percentage gains.
BBBY stock rose 62% yesterday and some call options contracts rose more than 11,000%. Absolutely crazy and well done when you could drive the Reddit / WallStreetBets coattails.
At BBBY, 35,000 contracts were traded in the calls from June 4th for the 45th strike. Those calls were up 11,080% that day. Truly amazing.
What is clear is that some Reddit Wsb traders committed a murder on AMC, BB and BBBY call options yesterday.
One interesting site that I recently discovered is QuiverQuant which tracks the number of specific stock market tickers mentioned over 1, 7 and 30 days.
The last time we had a WallStreetBets AMC short squeeze was at the end of January. You can see below that prices bounced back to earth pretty quickly but never fell back to pre-short squeeze levels.
Below are yesterday’s most actively traded option tickers, with some key data points highlighted.
We don’t know how long the short squeeze will last, but it’s certainly interesting to watch how it unfolds.
Disclaimer: The information above is for For educational purposes only and should not be treated as investment advice. The strategy presented would not be suitable for investors who are unfamiliar with exchange-traded options. All readers interested in this strategy should do their own research and seek advice from a licensed financial advisor.