Duel Between Day Traders and Big Funds Spills Into GameStop Options
- Volume in bearish puts rises while bullish calls lag behind
- Susquehanna strategist points to closing positions in calls
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A closer look at the GameStop Corp. options market shows another David-versus-Goliath battle, once again pitting large institutional firms against retail traders.
Activity in bullish call options on the video game retailer’s stock looks concentrated in small short-term momentum bets, while bearish put options seem to be more long-term and likely the work of bigger players, suggested Susquehanna International Group’s Chris Murphy in a note Thursday. The derivatives strategist highlighted a drop in open interest in calls, but a rise in the equivalent figure for puts as the stock pushed higher.