GME Short Squeeze Straddle

[EricSimpson1 5]

For some reason GME has been up 5-6% the past two days. It could be another post-earnings announcement drift short squeeze like FSLR (until it crashed the past 2 days). I might buy the September 19 straddle tomorrow. Doesn't look expensive, and I'm willing to hold for up to 10 days. If I get a 10% or more move before then, I'll exit. Let me know if this is a good or bad idea.

[EricSimpson1 5]

Bought the 19 straddle at 1.62

[EricSimpson1 5]

Decided to take profits a bit early. Out at 1.93. 19% gain.

[Thaze 4]

Nice find, wish I would have followed you in with it.

[EricSimpson1 5]

I'm back in. This time I bought the Oct 23 calls and 24 puts for 3.58. This stock has had an amazing run up but it's 4% today so far. I think there could be some big momentum either direction from this point on. I'm holding until next Friday(9/21) unless I hit a 15% loss or 50% gain before then.

[Hannes Kury 7]

I'm back in. This time I bought the Oct 23 calls and 24 puts for 3.58. This stock has had an amazing run up but it's 4% today so far. I think there could be some big momentum either direction from this point on. I'm holding until next Friday(9/21) unless I hit a 15% loss or 50% gain before then.

Did you get in before the volatility spike today or after? Thanks Hannes

[EricSimpson1 5]

After, but I'm not expecting to profit from this trade based on IV. I'm trying to get a decent move. But I do make sure that IV is not too high compared to where it should be around this time between earnings cycles.

[EricSimpson1 5]

Out of the second trade at 2.98. 17% loss.