Are AMC options still bullish?

AMC is up huge today, just like we predicted over the last two weeks.

But is the option flow still bullish?

The short answer is yes. 9 out of 10 trades coming through are calls, and many of them are high premium (above $100k).

Take a look at the trade tape:

Data courtesy of Vigtec Option Matrix

Open interest is very high on the out of the money calls, like the $30 5/28 calls.

I personally think AMC will continue to rise for a bit - but be very careful buying calls. The IV is super high, and when things turn around, those calls will get crushed quickly.

If you’re going to buy calls, keep in mind that it’s like playing with fire. Set a tight sell limit for +/- 20% or so.