The cultists are restless because someone took a screenshot of something that has to do with TYDE. They are currently hyping themselves up into a state of higher excitement because they think “it” is finally, finally, happening.
The previous highs have been much lower than their previous highs though, so we might be able to squeak to $3 only on sentiment alone, in the absence of material news.
As noted earlier, still have half the 1/20/2023 2Cs set with a limit sell of $2; will ride the rest.
It’s the usual gobbledygook that leaves enough for the followers to find breadcrumbs within and get excited about when they “connect the dots,” but nothing substantially different from what is already known.
Perhaps one of the largest breadcrumbs is that one of the subsidiary products, Cryptyde, is expected to spinoff during Q2. .
They have been promising this for months now, so not something one should hold one’s breath for. Nevertheless, true believers are of the opinion that this will cause BBIG’s own version of MOASS because naked shorts will allegedly meet their maker when they cannot conjure up Cryptyde shares that are being given out as dividends. We know how these predictions have played out so far, but that has not prevented sentiment-based price spikes from not happening.
I therefore still expect BBIG to spike again sometime in Q2 sufficient fervor is mustered. And am therefore holding on to the Dec calls.
Someone will probably have bullish sentiment towards BBIG - there’s usually always a few. They came up towards the end of January and I went down a rabbit hole for a few hours and researched their actual “products”. I don’t think anyone can objectively read about their past business decisions and have a positive opinion about their future.
That doesn’t mean it can’t still have a bit of a pop from sentiment of course, but with registrations being open again I figured it was worthy of a repost. I imagine that retail sentiment will cause share buying activity in the immediate short-term, but retail’s attention is short and if tomorrow is a red day for the market it’ll affect everything.
Please don’t ever forget BBIG is a shit company that isn’t worth a dime. And now they are giving all shareholders a dividend of all their assets that are not complete shit. This means the only thing BBIG will hold when the distribution date occurs is, you guessed it, shit.
Looking to buy puts for June 2022 and July 2022 tomorrow.
This is absolutely 100% a sentiment play. The underlying main company BBIG and all its adjacent entities - Cryptyde, Lomotif etc. are money-losing entities that were a few years late to the market, a few 10’s of million customers short, and and are knock-offs of better products on the shelf.
But because they are wrapped in a Russian doll formation of holding companies and other BS, it’s seen as some kind of genius 19-D play where this Cryptyde dividend is supposed to decimate shorts and mint millionaires in the process. They have a rabid following. At par with GME and AMC, completely convinced of their role as a movement to take down evil market participants, and possibly mini-MOASS and whatever. Here’s the Reddit sub for them: https://www.reddit.com/r/BBIG/ - already getting entertaining.
This likely means that this stock will be pumped and rinsed a few times between now and May 27. Like PROG, ESSC, MULN, ATER, and all the other ones (None of these are 1 to 1 comparisons, just a general note on similar plays that float on hot air.) Probably not a play for the faint of heart as more sophisticated market participants will take BBIG enthusiasts to the cleaners repeatedly, but there is the chance to make good money from this over the next two weeks.
Perhaps a learning opportunity for us as a community. Not just how to time the swings, but also to keep our emotions at bay, as this will very likely get emotional for folks who engage in this volatile play.
Thank you for bringing this to our attention, @derfam - this will be fun!
Whole heartedly agree. Wouldn’t be surprised by bullish momentum in the near future but overall nothing defines BBIG more than waiting until the headlines are dominated by how NFT’s have lost 75% of their value to actually pull the trigger on this.
I’ll consider calls tomorrow depending on how it trades and join the put brigade longer term.
For the record, several of us made some very good money playing BBIG puts last fall/winter. We can do it again if we just believe (that BBIG is still full of shit, which it is)!
I was thinking he same thing while reading the news above. There’s likely to be a rally in the short term (unless we have another SPY bloodbath tomorrow), so scalping some calls might be a great idea before settling into some puts for the longer term.
Not taking a position until I see how things go tomorrow near open.
That new guy Feline Connoisseur makes sense here.
Thanks for sharing these screenshots of his responses to dibbles on TF.
How are you, man? Haven’t seen you in a long while.
Wanted to share an assortment of things that came to mind.
First, some days of this will probably be more important than others:
Friday May 7 (obviously) - since this is the first trading day after the press release. Fans and retail encouraged by furus will FOMO in. This will be the first crucial test of how much sentiment there actually is behind BBIG. Folks have been waiting for months for this Cryptyde dividend. The spoiler though is that BBIG has a float of 120M shares. This is no 0.5-2M mini-float that can be whipped around - this will need proper sentiment. If we are not able to make it past the $3 handle, I would be worried about the long term prospects.
Monday May 9 - folks will have all weekend to whip up sentiment. If Friday doesn’t end up in the stratosphere, will probably take a long position over the weekend in some form.
Friday May 13 - this is the T-2 ex-dividend date that corresponds to the “of record” date of Tuesday, May 17 for the dividend. If one does not own the stocks by the close of trading on May 13, they will not get the dividend. After this IV will likely adjust downward. May 12 may therefore be a good time for vega plays and milk that premium overnight and into the next day. It is quite likely that the price will come back down to earth after this.
(Around) Friday May 27 - this is when the dividend shares will be distributed. At this point, the play should be over. However, will reserve thoughts on this until I see how the next two weeks play out.
Second, some technical stuff:
Prices went up to $4 AH and then fell back to ~$3.60 at 8pm EST despite healthy AH volume. Normally AH volume is low but there clearly is enough liquidity there. Actual squeezes might therefore be difficult.
The short positions are not trivial - it might lead to some short covering. In fact, some of the AH price action might have been short covering already, given the relatively robust volume.
Call OI exists in decent amounts for tomorrow, but even if all strikes were ITM, it adds up to 6.9M shares. Float is 120M. Could result in a gamma whiff, but nothing more. Certainly not a gamma squeeze. Even that is unlikely, since we know MMs don’t really bother actively hedging these anymore. Later OIs are more anemic.
Third, here’s the link to the tl;dr thread on the BBIG sub: https://www.reddit.com/r/BBIG/comments/r8u33r/bbig_know_what_you_hold_part_4
Would encourage folks to check it out and reflect on this play as we go forward. As you can tell, I am treating this as a sentiment pump-and-dump. Could be very wrong on this. There are a lot of moving parts. Cryptyde could indeed be some kind of amazing catalyst. Let’s keep the critiques flowing.
Finally, there are some real shady mofos involved in this BBIG. Need to look up details at some point, but would not put it past them to do raises or other stuff that can torpedo the play. So will be looking to take profits often, if they materialize.
The sell-off in the morning, as well as the one AH, are probably people looking to get out after being stuck for months. Between the low confidence in a significant part of the BBIG crowd and the high volume, if this consolidation does not break to the upside, this might become a damp squib.
As for plays, got 3.5C 5/6 lottos for 0.05 at open and flipped half for 0.11, letting the rest ride to the end. Have not traded the Dec ITM calls yet.
Normaly I would say no considering everything would already be priced in regarding the releasing of the reccord date. But considering that the run got fucked by market condition, a run like you say is probable.
However, if I were to take a position, I would buy calls ITM at a small portion. This company’s administration cannot be trusted.
