Ortex reporting SI 76% of FF.
ITM OI seems to have gone down somewhat, from 58% to 50%.
One to still keep an eye on today.
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FAZE has faced resistance around here a couple times but news this morning dropped about a new CFO perhaps that can help push it through.
I’m looking at an entry into this, looks like FAZE is still somewhat in an uptrend. I think we could see another pump over the next couple weeks, 100% of the float is still shorted. Missed a great entry on that dip down to 10 though.
Things much dicier here though as I expect the S-1 to go into effect sometime over the next 3-5 weeks.
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Seeing some building sentiment on this one via Reddit advertising it’s short squeeze potential.
OI has dropped off the face of the earth compared to what it was a week ago:
ITM OI currently accounts for 18.81% of float (1300000). OI accounts for 27.43% over the next strike (20.0) and the whole chain accounts for 46.61%.
The short position is pretty tiny overall and with the S-1 looming I doubt any would be motivated to clear.
Potential for a sentiment pump but I wouldn’t be betting on GME with this one as of yet.
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Also of note is that this type of run typically signals a the end of a play. Reason being mainly that retail love OTM options. When you get these premarket runs they typically think “it’s happening” and at open they’ll dump into OTM strikes which removes buying pressure on the stock. If we look at the chain you’re probably going to see volume on the 30/40 strikes instead of ITM strikes like the 22.50 or 20. So the most likely scenario is what we used to call a “roll” where the OI shifts out into OTM and causes a dump near open.
Watching to see.
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And that is a roll. You had profit taking on the 25 strike and below (the old OTMs) and the new volume largely funneled into the 30 and 40 strikes. This is what we used to call the “It’s over” pattern.
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– Looking forward to actually profiting off these calls in the challenge very soon.