GameStop Rally Missing One Key Ingredient From 2021 Meme Frenzy
- Call option volume is just 1/10th of January 2021 peak
- Shares opened above the options with biggest positions
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GameStop Corp. shares are soaring, and the Internet is abuzz about someone known as ‘Roaring Kitty.’ But for all that’s reminiscent of the meme stock frenzy of 2021, there’s one key element missing from that time: a frenzy of bullish options buying to help pump another 1000% surge.
Since Friday’s close, shares of GameStop have nearly tripled — fueled by the social media return of Keith Gill, who led 2021’s retail mania. Day traders also piled into old classics like AMC Entertainment Holdings Inc., Rivian Automotive Inc., and Lucid Group Inc.