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GameStop Corp. (GME) puts are crossing at an above-average rate today
Puts are trading at twice the expected intraday rate in GameStop Corp.'s (NYSE:GME) options pits. Leading the way are the July 40 and 41 puts. Data suggests buy-to-open activity here, as speculators look for GME to stumble below the respective strikes by the close on Friday, July 17, when the options cease trading.
Today aside, GME's options pits have been a place of optimism during the past two weeks. The equity's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 1.69 outranks 79% all similar readings from the past year. Reinforcing this is the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.62, which ranks lower than 88% of readings from past 52 weeks, suggesting short-term speculators are more call-heavy than usual. 
Outside the options pits, it's a different story. Short interest on GME is staggering, accounting for over 44% of its float. What's more, this accounts for roughly eight weeks of trading, going by its normal daily pace. In light of this, it's entirely possible that some of the recent call buying is at the hands of short sellers hedging their bearish bets.
On a technical level, GameStop Corp. (NYSE:GME) has put together a nice stretch -- which some may have saw coming -- since hitting an annual low $31.69 on Jan. 12, tacking on over 28%. Today, the shares were last seen 0.7% lower at $40.63.