I am still in this trade and my PUT has 9 more days to go. I should have bought a longer expiration cycle.
Today it dropped below $39 and my strike is 50. So, I am ITM. Due to the fact that I bought this PUT when the volatility was much higher I paid more money then I would today in an less volatile AMC environment.
Anyway. Lets hope the price will further drop.
I noticed that there are almost twice as many PUT options now than before.
The Call to Put Ratio was 0.3 then 0.6 and now for end of next week it is 1.90. This means for every CALL option there are 1.90 PUT options out there there.
Here the PUT options
Here sorted out in a graph to see clearly where the support and resistance levels are.
The price at closing and After Hours was $37.13.
The $40 Support was already overrun today. 23,000 PUT Options at the $40 mark. Remember there are twice as many PUT Options at this level than CALL Options. The price just dropped.
The MM will stay below $40. WHY? Because I believe that there are also 11,000 Call contracts out there and more above that and 10,00 at 45. This squeeze is over and they could NOT bring the price up today even they were trading at 50% of the average daily trading volume.
Next level down is $35 with another 20,000 Contracts = 2 million shares. This will be a hard one and I hope we reach it tomorrow. Some Apes might now join in the anti-squeeze and the hedgies want to get back to normal. Lets drop the price of AMC. Guys, buy some PUT Options.
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