9:00am EDT; AUG 25, 2021:
Yesterday, Gamestop (GME) and AMC led the charge on an impressive Meme stock rally, with GME reaching a daily high of +36%, closing out the day +27% at $210.29. AMC closed out the day at $44.26, a 20% daily gain. Throughout the day, we saw heavy call option activity flowing in for both GME and AMC. Looking at the Unusual Whales Flow, we can see via large and small orders alike that the bullish sentiment for GME's meme rally carried throughout the afternoon, with options orders flying in right up to the bell.
In nearly identical fashion, AMC saw high-premium ($100k+) activity throughout the afternoon, and closed out the day with a flurry of orders at the very last second:
Following suit, a number of other stocks with previous “meme” status surged, with Clover Health (CLOV) heading into Tuesday’s close at just shy of +10% ($8.92), BlackBerry (BB) closed at +9.5% ($11.10). Both of these tickers also experienced a frenzy of options flow.
Time will tell whether or not this rally will continue throughout the day, but for some of these meme stocks, Pre-Market trading seems to maintain a bullish sentiment moving into market open. As of 8:55am EDT, AMC is up 3.05%, BB is up 2.7%, while GME is down 1.23% and CLOV is down 1%.
Whenever we see these meme stocks rally, we’re left wondering:
“How long will it last this time?”
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