Tom Sosnoff gives Adam Mesh his current take on SpaceX and it's not bullish. When SpaceX IPO'd, Sosnoff saw a clear opportunity. Implied volatility was extremely elevated around 100 to 105 and he thought the puts were overpriced. He didn't believe the stock was heading below $100, and he was right. SPCX held support around the $140 level, and Sosnoff profited from the trade. But now? He's mostly out. Sosnoff says implied volatility on SPCX has compressed significantly dropping from roughly 100–105 down to around 65. For an options trader, that compression is the whole ballgame. When vol is high, there's premium to collect and edges to find. When vol normalizes, the opportunity shrinks. Sosnoff's current view: SpaceX is "priced perfectly," which he explicitly says is not a good thing from a trading standpoint. A stock priced perfectly offers nothing to exploit. He still holds a small wide strangle, but it's a fraction of his earlier position. His conclusion: the trade was the trade. ...