Man, oh man, what an amazingly bullish day in the markets. There is a lot of green to be seen and i hope you got a piece of it. I want to break down a couple things in this video that is really explanatory of why i think we're actually going to keep going higher and higher and higher, but i also want to really articulate why i don't think it's going to last forever. I'm going to be talking about the overall market, some craziness that was recently playing out this morning with microsoft and why we saw some bearishness at least that market open.

Then i want to talk about the fed and i also want to address some of what's going on with meme stocks, because time and time again we're being told that they're dead and yet they had a super super green day. So i have some very exciting things to get into in this particular video, but before we all do that, don't forget to hit the like button join up with the channel by hitting the subscribe button and now, let's get to it. So when we got rocking this morning on thursday june, the second it wasn't the best nah bueno. If you will microsoft, shares down 1.8 in pre-market, the company cuts q4 outlook to reflect additional impact, and this is the rhetoric.

We've been hearing from many companies of hey future quarters, they're kind of shrugging their shoulders and then a little bit after that. We got this u.s private payrolls up 128 000 when they were expecting 300 000 and then, when the market started trading fed vice chair brainard says it's very hard to see the case for the fed pausing rate hike so as in they're, going to stay hawkish to Fight inflation, but also a side effect of that is not the best overall scenario for equities in crypto to continue to grow and grow and grow. It's just a harder environment, because money really becomes more expensive. Well, if you check out the charts at first, we saw that see this dip in microsoft, the dip in the spy you can see the dip in the queues.

Everything out of the gate was a little suspect to say the least, but then right around 10 30. After some weird wonky action from 10 to 10 30, everything just started to go in rocket ship mode and went from the bottom left to the top right. The s p, 500, beautiful gain of 1.9 percent and then the tech, heavy uh cues right here gained 2.7 percent. The small cap sector 1.4 amc up a respectable 3.6 percent, jimmy ripped up 10 and red box up 18 and those are just some of our favorites.

But everything was green, green, green and, as you're going to see in some of my chart breakdown, i think we're going to continue higher and higher. Now with the spy. We have the support, support resistance resistance now support once again at 407, so clearly on the s p. 500.

The thing that's really the overall market kind of runs the show that's obvious important support. Today we had a nice breakout before 15.. My next target is going to be 4 1950 and i think there's a good chance of us tapping tomorrow or at least in the near future and then from there i'm watching 423 and then after that, 4 30.. I want to remind everyone if you scroll out a little bit, we're still in a bare trend, lower highs, lower lows.

I feel my personal opinion, not a financial advisor, that this is a bear market rally, as in i think we're going to see a volatile move to the upside that, i believe, will continue, but i don't think it's going to last forever. In fact, i think we'll see a nice push and then it's going to come down pretty hard, where in fact we see a new overall low for the 2022 trading year. So i want to be explicitly clear about what i'm seeing in the overall market. Gamestop reported its earnings yesterday, so we should talk about that, but very quick for technicals nice support off of 115 broke above 125., i'm watching 140 next and in terms of gme.

Just so. You know one year high in its short interest, just below 30 percent super high cost to borrow 244 still a max utilization and the shares on loan 23.4 million. What you need to know about gme is, it ended up losing money and it actually had a wider than expected loss. They were expecting it to lose about its earnings per share about 115 116 per share and it ended up losing two dollars in eight cents.

Gamestop reports, 158 million loss and decline in hardware sales, but what you should know as well recently they did release their wallet, their beta version and according to the earnings announcement we did say they said there was a significant amount of downloads and in terms of sales, From quarter recorder, an increase from in-store sales and yeah, i think that's important, but obviously gamestop is heading in the direction of crypto, with its wallet and it's nft marketplace. And today, if you're watching this on june 2nd, they had a share meeting a shareholder meeting. So, ideally, after the vote, we're going to get more information of like okay, is there gon na be a stock dividend what's their plan? What is the ratio so a lot of that not known as at least at the time that i'm filming this video, but there's gon na, be some important fundamental updates with gme in the near future and hopefully there's some excitement because, as you can see from the Ortex reports there's quite a few shorts in the game and if this thing continues higher and higher and higher that's going to be putting more pressure on gme. Now, when you're talking about jamie, it's very tough to not talk about amc, which also had a pretty solid day.

I, like the support at the mid-12s, would love to see a re-test of the mid-14s next in terms of amc's or text values. Short interest, 23 costs. Tomorrow, slowly but surely going up 11 utilization 100 shares on loan. 176 million.

Don't forget in terms of amc fundamentals, the most recent movie top gun maverick is doing extraordinarily well across 200 million. Today, in fact, this is the best opening weekend for a movie that tom cruise has been in in his entire four decade career, so just to kind of place it together in terms of like um superhero action movies for this year. This is the third best one and it's the best one of tom cruise's career. These numbers are very impressive, so obviously the theatrical experience isn't dead.

No matter what big bang tells you that meme sucks, which is still somewhat a derogatory term or like a dumb stupid, play. Obviously, there's gon na be risk, and i would say that these plays have more risks than many other plays, and nothing is ever ever going to be guaranteed, but to act like this is just a completely done and dead scenario. I just personally don't buy it because of some of the clear things that are going on in front of us. The other thing i want to quickly touch on is another stock that is still doing pretty well rdbx at one point today was up over 30 and i'm really watching that seven dollar level, because that's a pretty major breakout but still what's jaw-dropping, is the numbers here.

157 short inches explain to me in any logical terms how a stock can be shorted more than there is that stock in existence. This is what we've previously seen with gme and now we're seeing it on this stock that has a 600 cost tomorrow, max utilization. It's a low flow and it's on the threshold list. How how how how how is this possible? I have no position in rdbx whatsoever haven't and i probably won't, but if you're in it, i hope this thing squeezes to kingdom come because something is going on that, in my opinion, should not be going on and should probably be looked at by the sec.

You know that group that instead of doing this type of thing, took the time to make a video about how retail traders and investors are basically stupid anyway, overall, the market's looking really good. I have high hopes for where this current bear market rally is going to go. I think there's still money to be made on the upside, at least in the short term, and then when it starts to turn over, we might want to be looking at. What's going to go on with the overall market, but right now the bulls are in control would love to get your thoughts in a comment below thanks for your time, i'll catch you in the next video.