What's going on moon gang, this is your dumb money update for today, monday december, 6th, we're just kicking off the first full week of trading in december 2021.. Now this particular update video i'll give you a quick recap on what's going on in the overall market, then i'll be diving into some interesting opportunities that i'm currently seeing in crypto and i'll be sharing my thoughts on the recent crypto sell-off and hang out until the End, if you want to hear a quick update of what's going on in the world of amc, ng me if you happen to be a fan of those moon stocks, but before i get into all that, if you want to help me out the youtube algorithm and All that good stuff don't forget to hit a like, and if you want join up with the group by hitting that subscribe button with all that being said, let's hop right into it, alrighty. So in non-price action related news: the new york stock exchange shakes up senior management with lynn martin, replacing stacy cunningham as president. The only reason i bring this up is because obviously the new york stock exchange is a massive lit exchange and you've probably heard this name before back in about six months ago.

Half a year ago, in june, meme stock prices may not properly reflect demand. The new york stock exchange president, so this was previous commentary by stacy cunningham kind of calling out the extreme amount of off exchange training, so just wanted to bring that to your attention. Now. This update video is going to be a relatively quick one because it really didn't much didn't happen today.

Overall, it was a. It was a quiet day, but a quiet good day. The s p 500 started to bounce would love to see the breakout of 460 gain. 1.2 percent, the nasdaq 100 tracked by the qs a little bit weaker, and i'm going to be talking about that when we get into crypto but a little bit weaker, but still found itself at 382 381.

Let's see if we can build up some momentum and then one had a very good day was the russell 2000 game. Two percent uh nice bounce off of 215 216 would love to see this get above 223.. So three of the major indices we pay attention to. Looking pretty good q's lagging behind the spy and iwm looking good, very happy that the russell is looking solid because, as we know, amc's the biggest equity within the russell 2000, so they seem to kind of move a little bit hand in hand.

So i like, when they're both in the green, let's talk about what's going on in crypto, so crypto had a pretty rough weekend. It went from 57 000 all the way down to 42 000 and the story wasn't much different in ethereum, big, sell-off, solana, big, sell-off, avalanche, big sell-off, a little bit different in matic and lubricant i'll bring those up in a second but some of the major ones. Very much in the red. I just wanted to share my thoughts on that of what's going on and why i'm personally, not panicking so with it.

I really think that it starts with the fed, so the fed signaled that it's interested in increasing the rate in which it's tapering and because of that and some of the external forces of inflation bottlenecks. I think we're seeing a rotation of money outside of high risk and in a certain way we actually saw that in the equities, so higher risk aka higher growth, commonly thought to be in the tech sector and look what's kind of the weakest right now, at least Relative to the spines and russell was also the tech sector, so i think not directly, but crypto is definitely thought to be a volatile asset. It's a high risk asset. So when you saw this signaling by the fed and weakness and overall equities and continued supply chain issues, i think it led to this and then of course, within crypto.

You have the issue of people who are being severely over leveraged. So when it goes down a little bit, they feel quite a bit of pain and then they cut their position and it becomes a self-fulfilling prophecy of where you see quick, flushes like this. This has happened many times this year alone and the one lesson i've really taken away from it is total. Now that's worked out for me.

I'm no financial advisor, i'm no clairvoyant, but it seems like every time that i hold things end up becoming fine and generally even better. In the future i mean yes, i could have panicked at 42 000 to all the people who are shaking out there like a moment of silence for you, but we're already bouncing back up to 51 000 that nice break of 50 000. As i'm filming this that nice technical break uh, i think we'll be back in action in no time not really much different with ethereum already like nice. Look at that 3 500 and we're already at 4 kind of within striking distance of an all-time high might be getting over.

5 000 people are buying up these dips. Not much different on solana. Here. Solana's had a very nice push lately.

Anything above 200 is very solid. It's at 195.. All three of these, i'm in very, very excited about and same can be said about avalanche. This is one i yet to have like own.

I wish i bought at 80. I wish i wish i bought at 80. I just wasn't prepared with my own capital, but what a technical dip buy, and i think this comes back finding the thing i wanted to bring up here is bitcoin ethereum sold off. It was the overreaction, i mean you can chalk it up to the fed.

You could chalk it up to maybe the fact that it's the end of the year and people are preparing themselves for taxes. It is december so there whether they want to lock in some profits for whatever reason or harvest some losses. Obviously, there's things to consider there, but some of them are a little bit different than the others, so, for example, check out matic matic right now. Aka polycon is looking phenomenal.

If you haven't heard of this before uh aka polygon, it's a layer, two, it's related to ethereum, it's to help with its scaling. Obviously right now, ethereum, it's costly scaling has some questions in there. That's manic when it's there to fix people are really really excited about. It - and it looks like we might be moving hopefully for a cup and handle breakout, would love to see this get above.

240. 250.. The other one i want to bring to your attention is loop, ring so loopring having a very, very nice pitch off of 187. All the way up to 240.

i've been following this ever since its connection with gamestop and helping build out the nft marketplace with all those assumptions, so we're seeing a nice bounce back in a lot of the major cryptos. But i wanted to particularly bring your attention to matic and loop ring and maybe even a little bit of avalanche there, because i haven't talked about it much, but i think they all represent considerable opportunity. Now before i go into your quick update of amc and jimmy. If you want to cut it off here, i would love to know your thoughts on what crypto currently presents the best opportunity.

Let me know in a comment below if i see a lot of people saying the same thing more than happy to make a standalone video for it. Now, since we've been talking about lubrin and gamestop, let's go into gamestop right now, just so you know the estimated short interest sitting around 11.3 percent. If we bring up the chart recently, it got beaten down we're trying to hold support at 167. That's a key level.

We are looking to hold there and build this base and bounce back with the remainder of the market and also don't forget. We do have a fundamental driver for gamestop coming up this wednesday december 8th, the gamestop will have its earnings announcement now. Turning to amc, estimated short interest, 17.5 percent, and if we take a look at the chart same thing in terms of gamestop like it's fallen, it's trying to collect itself like many equities across the entire market, i'm looking for it to hold 29 and then hopefully we Get a break out of 31.5, maybe 32, and get back up into kind of it's like fighting weight class, but overall things are turning last week it was a red red red painful week, but it looks like things are finally cooling off because concerns related to that Unicorn variant are finally calming down. We are all a little bit more comfortable with this fed's plans.

Uh, hopefully, we're all getting a little bit more excited for the holiday spirit, so it seems like kind of that intense feeling of just what in the world is going on last week between the government, the fed and the unicorn uh. Those things are a little bit subsiding, so i'm hoping we could put some together some momentum and continue with what was going on today with all that being said, i would love to get your thoughts in a comment below and until i catch you next time. For me and share best of luck in the markets, you.