So I know FAZE is some eSports company… That’s about it.
I think we’re all aware that the s1 has been filled and there is a very short time until this this is $6.
But I’m amazed that it hasn’t plummeted into the abyss already. The few calls I had haven’t fluctuated very much in value and everytime i was thinking on selling it ran back up pretty hard. I honestly think people are just waiting for the volume to show up. The chain never had a serious amount of OI and it has gone down a little bit but it hasn’t dropped off completely and all the liquidity is still in the 19th.
Part 2.
This is really my thesis for buying alot of the shit I’m buying rite now.
I don’t think this shit is done, the fed decided to keep everything status quo for their little vaca in August. I also kinda feel everyone including myself was probably way over leveraged on the downside recently. I also read some shit on Twitter about MM being net long, I don’t have the time to validate that info but I’m throwing it in there anyway. SPY broke a pretty big trend line then decided to rip people’s faces off and is consolidating in this 410-417 range. As long as this consolidation continues, shit stocks go up.
Yesterday I was sitting home the whole day thinking “damn if only this could cross $15 with strong volume”. Funny that it worked out lol.
This price action doesn’t have a catalyst (that I know of) which I find interesting. Maybe a big player entered behind the scenes? Idk. But I was def wrong in thinking this needed a news catalyst.
Does (temporary) revival of meme stocks count as a catalyst? Or is that too broad?
Nevertheless I did hold some calls. Sold a few, but letting most ride.
I actually closed my position today but really only because it jumped into pretty good profit for me and i wanted to start scaling into something else. Looks like it finally got legs though and hopefully some eyes on it. Hope it runs hard tomorrow for anyone still in it!
Still not entirely sure how the actual company or said company makes money. However this is obviously getting some attention spreads seemed to have closed some at least on the weeklies. Probably will watch this tomorrow.
Had some huge volume today. And the drops seemed to get eaten up during market hours. I’d think if this continues its ascent could be a good play still. And would have been great to be in from the start.
Took profit on this yesterday but it seems like it still has some legs, I will look to enter if there is a healthy dip today or tomorrow otherwise I wouldn’t chase at this price point
IIRC the volume right at open yesterday was ~300,000 so inital thought is that might’ve been the covering, but ORTEX is T+2 so technically this should be the live SI from Monday? I’m not 100% sure about the timing but ~250k less short shares nevertheless.
Also I saw some people online saying SI was 1.8 million the other day but I couldn’t find that anywhere so I’m not sure what that was referring to.
From 12-1 central time yesterday there was 2.6m in volume that’s more than it had the whole day today. I’d guess there was some covering and possibly as price pushed up the chain some hedging that’s when it had its biggest up swing however todays lackluster movement makes me wonder if it’s on its slide down. But will keep watching for volume upticks
SST drops annual report 3/31 after-hours (430k volume)
4/1: Closes $0.91 up (1.3M volume)
4/4: Closes $1.09 up (1.9M volume)
4/5: Touches ~$20 up intraday (32.5M volume)
FAZE just dropped Q2 earnings report 8/15 after-hours. Opened down, but broke through yesterday’s close quite strongly and now sits at $12.89.
On a daily scale, if this can break the intraday high of $13.25 we could see another leg up. $13.25 test and rejection could send it back down to yesterday’s close.
On a bigger scale, I am watching to see if this can close with higher price/volume for 1-2 days in a row like SST did after their ER. Perhaps it will follow a similar roadmap.
Some meme craze going on right now as I’m sure most of you know. A FAZE run wouldn’t be directly related or a “sympathy” play imo because it has a setup of its own, but what’s going on in the market rn certainly helps.
EDIT: as I was typing this it broke the daily high and now sits at ~$14. Officially surpassed yesterday’s volume on that break as well.
CTB has been reported as being over 500% over the last week or so.
And Mimir is reporting not insignificant levels of call OI.
There didn’t seem any urgency yesterday in price action, especially with all the other memes spiking, so perhaps worth keeping an eye on but not worth pulling any triggers yet.
I’d be curious to see here where the OI stops on the chain Mimir says 27% ITM at 14c. And 197 whole chain but if there is no OI up the chain then it may only need to push to 15 or 20 to cause some hedging.
I’m sure there are some major lottos way up at 30s and 40s because there is a significant amount of degens out there. But if float is ITM at lower strike might be something to watch for.
No significant deep ITM volume across any of the chains today. This could signal that MM’s did not attempt to collect shares today to try and dump the price at certain strikes.
Increasing volume every day since ER. Broke $15 today, but couldn’t hold and came back down. Tried to break it again 2-3 times today, but didn’t.
Here is some pattern monitoring of $FAZE vs $SST. For the record, I know patterns are more hopium than actual concrete thesis, but it’s something I like track.
For reference, here is the pattern $SST followed after earnings.
SST drops annual report 3/31 after-hours (430k volume)
4/1: Closes $0.91 up (1.3M volume)
4/4: Closes $1.09 up (1.9M volume)
4/5: Touches ~$20 up intraday (32.5M volume)
It is also worth noting that $SST had it’s whole chain ITM at $25 before it went crazy into the halt. $FAZE has options all the way up to $40. So that is a key difference. Retail might’ve felt inclined to buy shares on $SST once the whole option chain was ITM, but if $FAZE reaches a similar price retail might decide to pile into OTM $40’s instead of buying shares.
I’m not confident in holding this past tomorrow, but who knows. If it does actually go off, I will be looking to sell right after the first halt, as that is when SST and BBBY peaked.
$15.90 was the peak of today, so that is the point I’ll be looking for a break and leg up.
There could be potential for another run in September but the risk of the S1 going into effect is much higher. I think SST was around 7 weeks from being filed, would have to look at more recent despacs to see how long they’re taking roughly.
Got stuck trying to break that ~$16 area of resistance multiple times today. Look for a retest tomorrow.
Still a good amount of OI on this, but I
don’t know if there’s any precedent for a squeeze on OPEX day. There is still a chunk of OI that expires in Sept so play not necessarily over after tomorrow.
I was really disappointed in the volume. It was so strong to start the day, then became basically nonexistent after the 2nd hour of market open.
Oh I guess there were deep ITM chunks bought then. I just skimmed the chain idk why my brain didn’t register the volume on the 2.5’s and 5’s as a lot.
150 volume on each today for FD’s. That’s like $150K total purchases on each strike (assuming they were all purchases). Definitely significant.
I would assume that it’s MMs trying to acquire shares again. Perhaps some extra precaution on their end going into OPEX? Or is there another way this can be interpreted that I’m missing?
