Wallstreetbets

Last week Globe Life (GL) tanked on some half-assed short report by someone called Fuzzy Panda Research. This was a blatant attempt at manipulation and it worked. Unusual Whales reported that large put option positions were being opened, including a $500,000 position in May $80 puts that was closed five hours later for $5 million. It looks like a coordinated attack with a short report that wasn't particularly strong between buddies on Wall Street. That leaves retail put option holders holding the bag as thousands of puts worth of open interest at strikes below $60 are now set to expire worthless.  The more interesting play will be the gamma squeeze potential heading into earnings. GL will be reporting its Q1 after close on Monday the 22nd. Despite a very weak market this week, GL's upward momentum has been accelerating. Since closing at its low of $49.17 on April 11, it has risen 28% to $63, with Tuesday and Wednesday (so far) increasing in excess of 5%. This creates a problem