What's going on moon gang, it's another b-e-a beautiful day in abe nation? What can i say, but it feels good to be an ape on this episode of dell money we'll be diving into what in the world is going on with both amc and gme. We have some fundamental updates to go over, we'll be looking at the chart and, of course, we'll be going over the short interest numbers, but what an absolutely phenomenal day if you've been diamond handing it this entire time with both or either of these stocks. Congratulations because right now we are still doing amazingly well, so let's hop right into it. Amc closed out the day at 58.27, which was a nice gain of 4.6 percent and jimmy was just above 220, which was a gain of 10 flat.

Speaking of jimi, they finally completed the at the market, offering which is exactly why it had such a good good day in the market. So this came out around 7am this morning, eastern time. On june 22nd, the company ultimately sold 5 million shares of common stock and generated aggregate gross proceeds before commissions and offering expenses of approximately 1.1 billion dollars. That is a lot of bananas.

Folks, gamestop will use net proceeds from the at the market offering for general corporate purposes, as well as for investing in general initiatives and maintaining strong balance sheet. So right there they're just raising money. We saw this, they did it at the end of april. Amc has done it a couple times right now in 2020, it's not a big secret that many many companies they suffered 2020 was all hard years, not only for a lot of people, but for a lot of companies and right here, because gamestop and amc as stocks Has caught the attention of the public, they have been able to capitalize on the situation and really raise money to improve the fundamental trajectory of the company.

So to me this is a pretty smart move and, as we saw in the chart uh it was, you could see right where it was announced, huge explosion upward today it dipped and then it ripped and then it kind of looked pretty weak and then something was Happening around 1pm and then it just continued upward in and close and overall amc's action, uh weak at the start, and then it kind of looked weak um, but around right before noon, just started to rip for the remainder of the day and we'll kind of dive Into what was going on there, but one more thing to talk about with gamestop right here. This was reported by benzinga gamestop short seller, shuts shop after suffering, major losses on the bet um. This we've seen this before with melvin capital, i believe in the first quarter. They lost around 53 percent.

They eventually got a just under a three billion dollar injection by 0.72, steve cohen's fund and then also citadel, but there's another one on the chopping block. White square capital reportedly said in a letter to investors that it plans to close down its main fund and return capital to investors this month, following a review of its business model, the london-based hedge fund, which managed about 440 million in assets at its peak, suffered double-digit Losses per cent losses in january from its bet against gamestop, so if you're reading kind of the writing on the wall with all these, it seems like these big big funds that are betting against two of our favorites right here. Amc and jimmy are suffering considerable losses. Right here from the start of june till now, if you're looking at amc alone, these losses right around in the realm of two billion dollars and jimmy those losses, keep mounting higher and higher and higher the huge institutions that are betting against these two eight nation stocks.

Um i mean if history is any indication they're just losing a lot, a lot of money uh since we've already been talking about game stock. Let's continue with that. So, overall, here's what's going on a nice 10 gain today, the past week, it's pretty much flat past month, up 25 and from the start of the year until now up 1069 percent lol. So yesterday it was looking a bit weak and we knew that something was going on because, like they were, they had to finish this at the market, offering, fortunately it caught itself at this very important psychological level of 200.

And if you watch my yesterday's update video, i was saying we needed to bounce above 210 and really get on top of this trend line and that's exactly what happened today. We closed out at 220, so i'm looking for a continuation upward. My first resistance would be at 241 past that, of course, 250 is another key psychological level and from there i'd watch 275 to 285. But i really really like this technical bounce and we also have that fundamental catalyst of completing the at the market offering raising 1.1 billion dollars, which the company will be able to utilize in the future to make it a stronger, fundamental company.

In terms of its short interest, today, there was a net borrow of 147 000 shares, with the borrow itself being 550 000. The current short interest around just below 15 14.65 utilization 46.73 shares on loan. If you take this into account, still just below 10 million so right there, even though the stock is obviously trending upward, the shorts are they're still considerable. They are still definitely in perilous waters.

I would argue now, let's turn our attention to gamestop. This will never not blow my mind, never never not blow my mind. They borrowed 7.1 million shares against amc today, it's incredible understanding that they borrowed 7.1 million shares and the stock still went from 51 all the way up to pretty much 59. that that's just insane.

The net borrow change was half a million which puts the short interest just above 14, the utilization to start today off around 94. After today, i wouldn't be surprised if it jumps up to 95 and the shares on loan, probably around 93 94 million. When this updates in the morning, don't forget that up here on the top vortex has about 85 percent coverage of all prime brokers. This updates in the morning and then for the live updates.

Obviously that updates throughout the day, but not all prime brokers offer live data, so this has more about 60 coverage in this particular block, but there's really no way to slice it. This scenario the stock is going higher and higher and higher and the shorts recently ever since june, 8th june 10th have been getting more and more aggressive, even though they're getting aggressive and they're spending a lot of money to try to push this stock down. Obviously, it's not happening right here. Let me just kind of quickly draw this for you.

You can see this pattern just roughly of higher lows from whatever point you want to look at it. We are running into the same cellar wall in the low 60 between 60 62. That's the same cellar wall, but these dips are getting higher and higher and higher. The reason i'm really harping on this is because it's so important because it means that the bullish price action, i guess in a sense, is becoming more apish.

The buyers are stepping in earlier and earlier and earlier before, the buyer stepped in at nine dollars. Then they stepped in at 12.50, then they stepped in around 35 stepped around 41 and now they're stepping in right above 50. So that just shows you, the aggression of people who are really betting on the stock going higher and higher and higher, which means i like that aggression, because it makes me more confident in my overall position with this. Let's go to a little bit more of a detailed view, so i still have this same level of resistance in the red between 60 and 62..

That is huge resistance. I'm looking for that breakout above there the right the next stop, i would argue 65. We got rejected on june 18th, then again on june 15th. From there above 65, i think would be clear sailing up to the low 60s high 70s specific.

Oh sorry, not the high 70s, the low 70s high 60s low 70s so around between like 69 72. I think that'll be the next major region of resistance, but once again the first one we need to break through is between 60 62, which is clearly in play for tomorrow and honestly. What else is in play for tomorrow is a breakout above 65., if we're rejected anywhere in this region. We have once again proven support around 52.

We bounced there. Today, we bounced there two times previously and below that. We also have a key psychological level of 50., but overall, to sum this up, both of these stocks are looking super super good right now, gamestop exploded in pre-market because they completed the at the market offering raising 1.1 billion dollars on a technical basis. It got above the trend line very very nice, we're looking for it to track back up to around 240 250 uh, very, very nice price action and the short interest is still sitting around 14 and so is amc's.

Both of them have a considerable short interest. The price action was looking awesome on amc. Things didn't look the best this morning, but we bounced from 51 all the way up to 59 another green day, which means another big red day for anyone, betting against either of these stocks. For me, i'm personally still feeling very, very confident in amc and gme.

I would love to get your thoughts so in a comment below, and i guess i'm just very, very excited to see how the remainder of this week plays out, especially here like we're just on both of these stocks. Amc and jimmy amc is just tapping tapping tapping this door, i'm just waiting for that breakout and jamie what a nice recovery. So with all that being said, who knows? Maybe i'm missing something i would love to get your comments uh below. Let me know what you think is going on with both amc and gme.

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