What's going on moon gang, so it was a relatively quiet day in ape nation, so this particular update episode of dumb money will be relatively quick as it relates to amc and gme i'll. Do a quick chart breakdown and we'll go over the data, but the main important thing i want to go over is an update related to short interest and some things going on with ortex. So, let's hop right into it. Amc closed out the day at 56.70.

Gme was at 212, and i also want to point this out that if you didn't see the exchange between dave, portnoy and charles payne, i highly recommend watching it, especially if you need a good laugh so relating to ortex the exchange report. Short interest did come out today and they had some tweets check this out, but basically the unexpectedly high short interest implies that their shares returned in this period were atypical, not shortage shares but instead shares that were borrowed and not shorted. In my update video yesterday, this is exactly what we were talking about yesterday. The borrowed shares were 12 million.

The return shares were also 12 million. The return shares of 12 million did not make sense because of t2 settlement. When we were looking at the chart. Let me just switch it here, so yesterday 12 million were returned, but it didn't make sense because two days before that the stock was selling off and usually when there's 12 million covering you see the opposite price action because covering a short involves buying stock.

So my going thesis was that no, they were just borrowed and not actually shorted and there, for whatever reason, just returning them now. So it's nice to see that like there's some validity to that particular thesis. But on top of that, ortex sent me an email that they want me to share with the ape nation, and here it is hey matt, with the exchange reporting, a short interest of 85 million today for the 15th of june. Our estimates, as per usual, will take this into account going forward, but i would like to give you a bit of a preview since the 15th of june.

Our data indicates an increase in lending and therefore an increase in short interest. As always, we will wait for the full day data to make the estimate, as in the all, the information is coming in right now, they're going to crunch the numbers and then update us in the morning, but it looks like we are currently having over 18 of The free float shorted, let me repeat that one more time based on kind of their new data models and the information coming in, they are looking at a short interest over 18 over 1 8 18 coming in uh. This also puts shares on loan very close to the number of shortage shares, indicating that there are very few shares borrowed, but not shorted. So, overall, if we're looking at this, the number right here, you can kind of heat that off a cliff because, based on the new right here, exchange reported short interest that came in today, but also just so.

You know the settlement date was the 15th ie. The data was valid on june 15th when they were looking at those numbers and looking at the current situation, this was they sent me this email around 3 p.m. So, with an hour to go so of course some things can change, but it looks like tomorrow when these numbers update there's a very very real chance that the short interest could be over 18 percent. Now, how should we possibly interpret that? I don't think that that will in any way guarantee that the price action tomorrow is wild or anything like that.

The way i would interpret this data is these people who have been arguing, hey um. The short interest is dropping uh. You should probably get out of the play: no, the short interest is actually going up and as it goes higher and higher and higher, that means that more people are betting against the stock. And yes, that means that the proverbial ceiling of how high amc could go in the event of a short squeeze is higher and higher and higher.

So to me, this just strengthens the the short squeeze play, the short interest thesis of what we're going for here, because this number is going up up and up. That means people are betting against us and, in the event that they're betting against us they're really not doing anything that well, because the stock is not breaking down. So the more shorts piling into this play to me. That's just dollar signs in my eyes, because that says that we could just go higher and higher and higher, because it means that more and more shorts are trapped.

So, overall, the utilization sitting around 86 percent um there was another net increase in terms of the borrowing against amc today, 2 million so uh. I think the short interest like with this increase and where we were starting off and now the exchange reported short interest. We're probably cruising above 18, so i'm particularly excited to see how the numbers come in in the morning, but overall, this is good news for ape nation in terms of its chart. It's the same thing that we've been talking about for two days: we're in this overall wedge: we're looking for the breakout between 60 and 62 major resistance and then finally, hopefully that leads to a breakout of 65 which could set up a test of 72.

But overall, this is a bullish wedge, it's a bullish, pennant, it's a high tight flag. Whatever you want to call it the stock shot up. We are consolidating with a nice pattern of higher lows. Any charting tactician will tell you.

This is currently a bullish setup. Does that guarantee anything? No, i'm not a fortune teller, i'm not a financial advisor, but if you do a little bit of research on this setup, the odds are in our favor. Let me put it that way and then here's a little bit of a myopic view of what's going on. It's just that same resistance that the chart setup has not been changing much over the past couple days, we're still looking at the support between 50 and 52 and the resistance between 60 and 62.

in terms of gamestop. Today there was a net return of 624 000 shares short interest of 13.45 utilization at 40 and the shares on loan now, probably just below 10 million. So that's what's going on. Let me just show you the chart so right here for quite a while gamestop it got back above this like it did break down below this trend line we shot above it.

We were testing it. It broke down, they finished the at the market offering and we bounced above it so right here we know we have support between 200 and 210, i'm continuing to look for that to hold and a recapture of the trend line and then hopefully, a test and breakout Of 241, so i'm looking for support to be found in the region between 200 and 210. to wrap this all up. I want to clarify one thing just because i was getting this question.

The average duration of these shares on loan has been dropping now. This can happen for two independent reasons or combination of the both. Yes, this could mean that older shorts are finally covering, but that doesn't really matter much to me, because the short interest is continuing to actually go up, so they could just be recycling an old position and then going into a new position. But let me clarify that in no way actually changes their p.

L. All it does is drive this particular number down, but still on average they've been in this play for 37 days. The other potential option is just new shorts. So to me it doesn't really much matter it's either new shorts coming in or old shorts going out and then recycling anyway.

So at the end of the day, it just really doesn't change anything because the short interest is there, the average duration is still considerable. I mean 37 days is still a lot that they've been paying the cost to borrow. So i just wanted to let you know of like mathematically the two explanations and in reality it's probably some weird combination of the two, but it doesn't take away from the fact that if you look at the short interest well right now, according to ortex, it's actually About to spike in the morning anyway, so me this dropping off, i i know that we're seeing the drop off, but it doesn't bother me because first of all, the magnitude is still considerable and the weird shenanigans we're seeing in return shares and borrow shares it. It's either there's completely new shorts or there's old, psyched old shorts.

Excuse me, who are just recycling from the position they had and then immediately creating new positions, which means that their p l is in no way assisted. So, overall, just that's a quick update of. What's going on same position really for amc and jimmy not much has changed in the past two days, except we do have now evidence of a spiking in the short interest, especially as it relates to amc. So with all that being said, i would love to get your thoughts on amc and gme to comment below.

If you enjoyed this video i'd appreciate, if you could drop a like, if you want to be a member of the moon gang, all you have to do. Is hit that subscribe button until i catch you next time for me and share best of luck in the markets, you.