What's going on moon gang, i hope you had an amazing start to your week. The market just closed today on monday may 10th, and this video will be kind of your wrap-up of what's going on with both amc and gamestop i'll be giving you the most up-to-date short interest numbers. I specifically want to focus on all the craziness going on with the cost, to borrow rate, as it relates to amc and make sure you stick around until the end, because i'll be doing kind of a quick technical breakdown. So we know what price levels to pay attention to not only for tomorrow, but for the remainder of the week before we hop into that.

Just you know, amc closed out the day at 974, which was a gain of 2.42 and jimmy closed out the day at 143.22, which was a drop of 11 at this decline. That does mean that gme gamestop will be on ssr for the trading day. Tomorrow may 11th ssr short sale restriction. Basically, it just makes it more difficult to take a short position.

It's also referred to as the uptick rule. So for all the day tomorrow, the shorts it's impossible to take a short position on a downward movement. It has to be on an upward movement, it doesn't completely block new shorts. It just means that they can only do it if the stock were to be traveling upward.

I just thought that was important for you to know, so, let's hop into it just so. You know the the market today, the s p 500. Basically the basket that tracks 500 of the biggest companies in the us did drop one percent. I can already feel it now, there's going to be a bunch of just um, almost like fear-mongering headlines of stock market crashing dipping bear market recession, blah blah blah.

Don't worry about that um! I get it it's just more of to really induce an emotional response to get you to watch the video, but in terms of facts that you need to know. On friday, we literally hit an all-time high like the highest we've ever been 422 82, and then today we were eight cents away from that, overall we're looking pretty good. In fact, i could argue from a technical perspective. It would be healthy for a pullback right.

Now. Look at this, the s p 500 has gone higher, but the rsi relative strength index maps out bullish against bearish momentum has gone lower. This means that there's a mismatch. It's gone higher, but this has gone lower.

It means that there's less bullish momentum here than there was here and it's commonly indicative of a future decline or sideways trading just so, the rsi has a chance to cool off moving forward, i'm looking forward to seeing how it responds to this trend line tomorrow. Basically, around 416-ish, if it breaks below that i'll also be watching this blue trendline, which aligns with the support where it's bounced multiple times before. If it breaks below 412, i will then be watching like there's just so much support very, very close by um. Could the s p 500 in the coming days weeks break below 400? Yes, but honestly, it has to snap through a lot of support before that's even possible.

If that were to happen and if it is playing out i'll make sure to keep you updated. As things are really kind of going so now, let's just see with amc, here's amc the daily look, but before we get into that, i actually think it's kind of uh. It might give us a better framework for this video. If i first give you the metrics so 4 amc, the short interest today is 23.76.

An extra 110 000 shares were on loan. The utilization to start today off was a hundred percent so right now the total shares on loan is around 153 million. Just north of that, i want to bring this to your attention so right now we're coasting at a short interest below 24, and just so you know the days to cover based on the two week. Average trading volume will take 4.62 days.

What that means is basically by all the estimated shorts based on the average trading volume if they wanted to get out, it would actually almost take an entire training week to cover their short position, which is good because that means you don't have to worry about missing The squeeze will it happen in one day, one pre market, one post market. No, as of now the data saying it actually could take an entire trading week for them to get out. I just want to calm you down with, like the whole concept of missing the squeeze you're not going to miss the squeeze all right. Let's talk a little bit about the cost.

To borrow a lot of people were talking about it. As of thursday may 6th, the cost to borrow was 14.47. What does that mean? Basically for you to take a short position, you have to loan shares from someone who owns shares. You have to pay a fee for the right to do that.

On thursday, amc was very, very high 14.47, as you're about to see in gamestop, like most stocks are around one percent, so that was already very high. What's interesting. On friday, this number jumped sky high to 149. Almost a 10x increase incredibly incredibly high.

A couple things. I want to say about this: let me clean this up just so we're all talking about the same thing here, so this was on friday may 7th. That was the average value and first of all, that actually was not a record um. If you look back here in almost all of 2020, it was kind of coasting above 200.

When i saw this, i assumed it had to be a record, but when i scroll back to look at the data here, i mean at one point in december around christmas it was at 275, so this number is abnormally abnormally high, but it's actually not a record For amc, i just want to get that out there once again. This is for friday or text takes one day to update the market just closed today for may 10th, the number the average cost to borrow. I will be tweeting that out tomorrow morning, all these metrics i tweet out every morning, just in case you can can't hang out with me on a live stream. I want you to know the numbers for the day so for today monday's trading action.

I will tweet out the newest one, but remember this is average. I think this could also be interesting. I have the min and the max right here once again, this is from friday, as you can see. On friday, some hedge funds were paying a fee as high as 261 percent to borrow amc and some were paying a fee as low as 0.42.

At this point, we don't know exactly what it means. It's just a theory, but i do think it's interesting a. Why are some people so incredibly desperate to short amc that they're paying a fee that high and second, why are some hedge funds being so friendly to other hedge funds that they're, basically renting out their amc, shares to them for pretty much nothing? I this difference from 261 all the way down to 0.42. I find it to be pretty interesting.

I don't we don't know exactly what it means. Really it i could just be theorizing, but to me it is noteworthy to kind of point out that there's such a discrepancy between the max cost of borrow and the minimum cost borrow, and once again this is all for friday. So now, let's bring that forward to today on, i borrow desk, we close at 62.4 percent and on fintel we close around 62 the things here. One thing i want to say between iborodesk and fintel: you pay for what you get.

Ortex is a very, very powerful platform to the point that i trust this data exponentially more than i trust, iborodesk or fintel you pay for what you get granted. There are some advantages to iborodesk and fintel because you do get those live daily updates and even though ortex does that it's not for the cost. To borrow it's on the current borrow change, but the one value i do get out of this - i'm not necessarily trusting the magnitude of these numbers, but i very much trust the trend all day we saw it shooting up. 26.

48. 56. 62. Like that trend.

Clearly it went upward and then i'm we won't know this data until the morning make sure you check out the twitter. I will be tweeting it out. Honestly. If we go back to the average um on friday, it was 149 um.

I think iborodesk and fintel are actually under reporting the numbers which, if you've watched any of my videos if you've watched any of my like live streams, and you know my overall, i guess tone and my message. I tend to be conservative, so i feel, like that's actually kind of a big deal for me to say that i borrow desk and fintel might be under reporting the numbers. I think that the cost to borrow will be even higher than 149. um.

We will find that out tomorrow morning when ortex updates. I don't know i will be tweeting it out, but i think we saw it trending upward, so i have a feeling that it went higher and then, if we just map over the fact that on friday it was 149, for example. Let me just go back to the seventh year: look at that they were reporting 25. 26.5.

So honestly, i that's why i'm feeling pretty good about the number uh for today for monday to actually be higher than 149, but we will find that out shortly in terms of gamestop. Just so you know the numbers, the the borrow change did increase by 60 000.. The short interest is 21.63 and to start today off we were at 58.16 percent utilization, so overall, there's about 13.5 million shares on loan with gamestop and just for a point of reference. The cost to borrow average on friday or gamestop was 1.87.

So i just like to kind of show you that disparity between different stocks, because amc right now is legitimately the definition of hard to borrow. There is a high demand to short amc and a very low supply of loans that are willing to be loaned out. Very very low supply of shares that are willing to be loaned out um. So it's just high high demand low supplies.

It makes sense that the cost to get these is uh, notably high. Please don't think that this has any impact on you being able to buy shares of amc. I got that a little bit on the live stream of like oh wow, the utilization's 100. These numbers are only impactful to people trying to take a short position um.

This will have no impact on your ability to buy shares. Amc gme are both very very liquid stocks. You will be able to buy and sell with a very small spread. Please don't worry about that.

That's true for now, and it will also remain to be true during the event of the squeeze you're not going to have to worry about being able to buy or sell in terms of the market. My biggest concern with as it relates to that is more so of like we saw in early february. Brokerage is kind of taking us out at our knees and literally stopping us from buying and selling, but in terms of the market and liquidity. For these two stocks not worried about that in the slide all right, let's talk about some of the technicals, so right now amc looking good uh, we have the third official bounce off of this trend line.

We broke out of this wedge. The first wedge with the blue, we are starting to bounce back up on the daily time frame on a bigger time frame, i'm looking for more volume and a push up towards, like this realm of just above 11, to see how it reacts to this top wedge Of course, i want to break out and then i'm seeing that test of 1222, the recent relative high and then from there 1450 once again, this is for the daily time frame. Here's a little bit more of a detailed look at amc close out the day at 9.74. This level, as you can see, is pretty important resistance resistance, um, pretty important, i'm looking for this resistance.

Well support turned into resistance to once again act as support from there. We then have to watch around 10 15 resistance resistance, resistance support. These are i drive this home because in the world of technical analysis, once an important price level or really any stock, it tends to remain to be an important price level. If it's resistance, it tends to act as resistance same with support or they could even switch resistance can become support and vice versa.

That's why i like to map these out, because clearly something is going on in this range between 975 and 1015, that the stock has reacted to it before so i want to see how it reacts to it in the future. Obviously, i'm looking for that breakout tomorrow. That will be followed by a quick pit, stop right here at 10, 50 and from there i'll then be watching a level if it breaks down like if it can't capture 11. 10.

50. 10. 15. All these things, if it breaks down, i will then be looking for support at 9 40 and from there i will closely be watching nine dollars, which also happens to be a key psychological level.

That's what we have on amc. Let's talk about gme jimmy, not a good day; unfortunately, it dropped 11 and more from a technical perspective. I don't like it broke down from this trend line. It was following this trend line, one two, three, four five different hits and today it broke down from that.

So what i'm looking for is this low at 144 or this low at 130 to hold - and i very much am looking for jimmy to get back up into this wedge as soon as possible from there the breakout of 186, then 200, then this top wedge. Let's do that same 30-minute, look at gme. Do you mean just not a good day but in a technical sense uh. I would be counting on a reversion, because it's so severely oversold.

That's what the rsi is telling us it's below. 30! That's oversold! A lot of people, especially on the 30 minute time frame, use this as a buy signal just for a classic form of reversion. If we don't get that reversion above 150 and back up into this, i will be looking for support to be found at 138. That will then be followed by 132 if it doesn't catch itself there.

But once again, to reiterate this was a pretty bad day for jamie to the point that i just think technically it's so obvious that we're going to have a reversion play. I want to see how it reacts to 150, the psychological level and then from there in the wedge. I will be watching 160., so that's kind of your wrap-up of what happened today on both amc, gme kind of a setup for the remainder of the week, and i also just wanted to kind of explain and offer a little bit of commentary on this whole cost. To borrow thing up to 149 and, like i said just to reiterate, i am one of those guys always looking at the data.

I try to be more conservative and i think it is uh. I think iborodesk and the fintel data is actually kind of underreporting. What's going on, but i don't know, i will have the definitive answer for you tomorrow morning when ortex does update. Of course, let me know your thoughts on both amc and gme in a comment below.

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