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In per week dominated by the redux in meme inventory mania, it is sensible for one of many world’s most iconic soccer golf equipment to make its mark on the collective psyche of buyers. To wit, Manchester United (NYSE: MANU) is within the information without delay amid rising hypothesis that the membership – or at the very least its vital chunk – is now up for grabs.

As is the case with so many different issues as of late, Elon Musk initiated the frenzy in Manchester United shares on the 17th of August when he tweeted that he was shopping for the membership.

Also, I’m shopping for Manchester United ur welcome

— Elon Musk (@elonmusk) August 17, 2022

Nonetheless, the world’s richest individual quickly clarified that his tweet was a joke.

No, it is a long-running joke on Twitter. I’m not shopping for any sports activities groups.

— Elon Musk (@elonmusk) August 17, 2022

However, the Glazer household that owns Manchester United has since then expressed its willingness to promote a stake in Manchester United, and consumers are lining up, with British billionaire Jim Ratcliffe among the many most outstanding of those suitors.

As this drama unfolds within the public area, we’re glued to a different far more turbulent saga happening within the choices market.

Elon Musk has (jokingly?) mentioned he’s shopping for Manchester United.

But $MANU is traded. Here’s where it will get bizarre.$MANU will get 0 choices exercise. Two days in the past, somebody did 450k, sustained quantity, in $14 calls expiring 31 days, 3500% enhance in quantity.

Planned joke on markets? pic.twitter.com/oYX4iLRyaq

— unusual_whales (@unusual_whales) August 17, 2022

Unusual Whales first recognized aberrant choices exercise in Manchester United shares on the 17th of August. The contract with a $14 strike value and expiring on the 16th of September 2022 appears to be the focus.

Manchester United Unusual Options Activity

Source: https://www.barchart.com/stocks/quotes/MANU%7C20220916%7C14.00C/price-history/historical

As illustrated within the snippet above, this particular name choice began attracting outsized quantity from the 12th of August. On that date, the contract had an open curiosity of simply 105 however attracted a quantity of 37,360, equating to a quantity explosion of over 35,000 %! The subsequent main quantity explosion got here on the 17th of August when Musk first tweeted about shopping for the soccer membership.

Clearly, somebody has been betting massive on Manchester United’s prospects earlier than the membership grew to become the focus with Musk’s very public tweets.

Manchester United IV Skew

Source: https://marketchameleon.com/Overview/MANU/VolatilitySkew/

As far because the sentiment in Manchester United shares is anxious, it stays fairly bullish. To wit, the 30-day implied volatility skew between 25-delta places and calls stays within the bullish territory, indicating the market’s bias in favor of calls.

How would you interpret the weird choices exercise in Manchester United shares? Let us know your ideas within the feedback part beneath.