What's going on moon gang, i hope you were able to get some rest and relaxation over the holiday weekend welcome back to another episode of dumb money, and we do have quite a few things to go over in this particular episode. So, let's hop right into it. Now to close out the market today, on tuesday july, 6th amc was at 49.96 and jimmy was at 199.56. Let's start off with some of the fundamental developments in reference to amc.

Ever since june, for the upcoming shareholder meeting on july 29th, we knew there was a list of about five things. We were going to be voting on. If you owned amc stock on june, 2nd, that's the date of record, you would be eligible to vote on this and we knew that there were about these five proposals, but the one that a lot i guess caused a lot of contention - was proposal number one and It basically related to giving them the authority to issue an additional 25 million shares that would bring the total outstanding shares of amc to about 550 million aka dilution. Like i said, this was a very contentious proposal and today it was announced, as you can see right here, it came on july 6th.

I just want to bring this up and, of course i will post all of these in the link of the description below. So you can fact check me on july 6, 2020 amc announced that it has determined not to seek stockholder approval for the proposal to approve an amendment to increase the total number of shares of stock, that the company shall have authority to issue by 25 million shares. So basically not gon na happen. Of course they might pull it on the docket to vote on the next shareholder meeting or something like that, but as of now for the one on july 29th, 2021 not going to happen so no matter what anyone says about dilution.

It's not going to be a thing because we're not even going to be voting on it and if we don't vote on it, there's no way they will have the authority to follow through with potentially diluting the stock. So that's definitely, i guess at least in my book a positive update for what's going on with amc another one, so this came out yesterday. Many of you suggested we show live sports esports and events. We are on it on saturday july 10th live from las vegas.

The poirier mcgregor ufc matchup will be on amc's big screens at 95. Us amc theaters. I think this is awesome between what is going on with this particular tweet and also what's happening with no longer voting on proposal. One i.e the shared illusion.

This personally tells me that adam aaron and the rest of the amc leadership team is clearly listening to us. I know some people try to attack them like. Are they really on the side of the apes? There's there's nothing that really tells me that they aren't. In fact, it's actually quite the opposite between listening to us about hey.

This could help the bottom line. It could fundamentally improve the business if we get sports in there bam, it's gon na happen, they're trying it out they're no longer running through with this contentious proposal. One not gon na happen, it seems to me there's strong evidence that they're obviously listening to the ape nation - and i like it because, as adam aaron says, we are essentially their bosses like we are the ones who own a majority of amc. So right there.

The fact that he's following through on that verbiage that sentiment, i like it, because it's more than just a statement to me his actions are backing up his words and i like it. I think both of these things are very, very good for amc as a business and for us ape nation as amc stock holders. In terms of gamestop. I want to go over one piece of fundamental news right here.

This is from on bazinga gamestop today announced the continued expansion of its north american fulfillment network and entry into a lease of 530 000 square foot facility in reno nevada, which is expected to be operational in 2022. The company's new presence in reno will position it to grow product offerings and expedite shipping across the west coast. This expansion follows gamestop's entry to a lease of 700 000 square feet in york, pennsylvania. I think this is strong.

Not only is it a strong pivot and movement clearly into this e-commerce, fulfillment centers, but the positioning geographically on both sides of the u.s near all these major cities. I think it's smart so right there, some very, very good news for gme at one point today there were some issues with ortex. Basically, we saw giant drops in the short interest, even though we weren't seeing meaningful changes in the total borrow change on many many stocks, and i wanted to let you know what was going on with this. Not only did they tweet this out publicly, but on stream today i did end up reading their messages to me that they wanted to get out to ape nation so anyway, at 1 30 p.m.

Eastern, today we updated our securities lending data due to the u.s markets. Being closed yesterday, because july monday july 5th, the market was not training in observation of july 4th on sunday, this updated didn't include a full set of data and therefore contain inaccuracies. The issue is resolved within an hour, and all data is now correct. We apologize for any inconvenience i just want to let you know what was going on.

It seemed like. Obviously there was a bug and that's what i asked him in the email. Basically, there were some issues and data being reported for a very small amount of time. They noticed it relatively quickly took care of it, and i just wanted you to know now that the data is back to kind of their expected levels.

Speaking of ortex, let's hop right into that today for amc there was a small net return of 396 thousand shares. Didn't really have much of an impact on the short interest. 18.17 utilization. 85 percent shares on loan still above 95 million.

Overall, i've been paying attention to this trend in both of these short interest based on the free flow and the shares on loan, both clearly trending upward ever since early june june, 8th june 10th, we're in this upward trend in terms of amc's stock. So right here we have this bullish, pennant and today we did close above it a couple things i want to bring to your attention here. First of all, as i've always preached on my channel technical analysis, there's counter examples to everything. And yes, it's part science, but it's also part art.

I mean i could bring up a litany of different. I guess technical patterns such as this that they broke down and it was a fake out breakdown and the reason i want to bring this up is. Yes, we close above it we're right around 50, very, very low volume day. In fact, i think that amc, how much did it trade today? The volume was around 62 million relative to what amc was trading in pretty much all of june.

62 million is relatively light as in i don't think that there were many stock market participants. Actually accepting this price. It was a it was a low volume move. I don't think, there's a high majority of people watching amc they're like oh yeah.

This is the equilibrium of what aim she should be trading at, so i would in no way be surprised if this quickly pulls a u-turn, just because it's a low-volume breakdown and it could just be a fake-out breakdown. More of i mean you might have heard the term closer to like bear trap or something like that now setting up tomorrow. Obviously, we have support from july 2nd the low here would be 47.77 and we all have so have considerable support around 40, which was the low from june 10th in terms of the upside, of course, we're looking forward to recapture get back into this wedge and then A breakout if it were to happen tomorrow, it would be at 57. We know.

There's resistance from 60, 62 65 would be a breakout. It was hit here twice in mid-june and then obviously there's that all-time high of 72.62 in terms of gamestop. Today, the short interest actually went up by a notable amount. There was almost a million borrowed against it net.

The short interest is now 9.43 utilization. 19 shares on loan 6.32 million. So when you take this into account, it's probably around 7.25 million something around that range. In terms of gamestop here i mean i know, i sound like a broken record, because we've just been in this range for quite a while, no matter what the bears try to do, the people, betting against jimmy it is still holding on to this region between 200 And 210 and the longer it holds it, the more and more.

I like it because a lot of people seem to be buying in and they're stopping the people selling from pushing it beneath this level. On top of that, we obviously have the news that was here on benzingo about they're expanding it. They are fully committed to this e-commerce esports pivot, and i love it. I i think it's a strong pivot, and i i'm on top of that.

I really like the chart of how strongly it's holding this region. So overall, that's what i have for you today. Basically adam aaron rip like not any longer following through with proposal one. We will not be voting on.

The 25 million share authorization, so there's gon na be no delusion because we're not voting on it. I love love love, this pivot of amc, showing sports. I think that's very, very strong, gme opening up a new facility, so very strong fundamental. I guess improvements for both these stocks and in terms of the charts.

Not much has really changed. We're looking at amc, we're kind of keeping our fingers crossed for a fake out breakdown. It was a low volume move and i want to see, i guess more acceptance. Bigger volume - and i think it could literally just be a straight up - bear trap and in terms of gme we're selling that region between 200 and 210.

With all that being said, i would love to get your thoughts on amc and jamie in a comment below. If you like, the video and you want to help get in front of other people, you know all about all that good youtube algorithm stuff and besides that, until i catch you next time from me and chair best of luck in the markets, you.