27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
The shares of GameStop Corp. (NYSE:GME), AMC Entertainment Holdings Inc. (NYSE:AMC), Nokia Oyj (NYSE:NOK), and BlackBerry Ltd. (NYSE:BB) traded lower at press time in the pre-market session on Thursday.
What Happened: The four stocks have been the subject of short squeezes led by members of the Reddit community WallStreetBets.
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GameStop traded 6.5% lower at $325, while BlackBerry shares traded 14.7% lower at $21.4.
Nokia shares traded 16.6% lower at $5.46., and AMC traded 16.5% lower at $16.61.
Why It Matters: The drop follows similar price movements seen in the after-hours session on Wednesday as WallStreetBets briefly disappeared from Reddit and was taken down by Discord.
Several prominent personalities including Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk, “Shark Tank” host Mark Cuban, and Virgin Galactic Holdings Inc (NYSE:SPCE) Chairman Chamath Palihapitiya spoke in favor of the Reddit community.
The New York Times reported Wednesday that Point72 had suffered a 15% loss this year over the GME short squeeze. Melvin Capital and Citron Research said earlier in the day that they had closed their short positions on GME.
Read Next: Dogecoin Shoots Up 62% As SatoshiStreetBets Looks To Emulate WallStreetBets Success With GameStop
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.