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Memestonks Rockets to the Moon The meme-stonk mania continue to be unabated this week. This time, $AMC dethroned $GME as the meme-stonk god, up >2000% year-to-date return. Its intraday volatility swing was $35, and the beauty of it all, its float is more than 400million shares!  If we may recall, RoaringKitty aka DFV was the OG of Gamestop, who has been posting his investment thesis on the company since 2019. However, it only gained massive traction after the company restructured its board members. Wallstreetbets redditors banded together to take GME to the moon armed with speculative fundamental reasoning but smart enough to know that the company was shorted to oblivion at an astonishing 120% short interest. Therefore, according to them, hodling could potentially trigger a squeeze similar to Volkswagen in 2008. I was on reddit and discord while all of these were happening. What an experience! Despite its collapse, the short interest chatter on r/wallstreetbets never died down. Shilled names on the daily discussions were the top most shorted stocks. GME has always been the number 1 mentioned ticker and retail were unabashed in accumulating the stock. In hindsight, this triggered a round 2 and lately, a round 3. This time around, AMC took the spotlight. I have friends calling themselves apes and sweared to hodl with their dear lives because according to a random post on Twitter, AMC is going to "100K". If I wasn't trading, I wouldn't bat my eye on outliers like this, and would conclude that it's stupid. My perspective and mindset changed when an elite trader I look up to reasoned that this kind of event is good stupidity. Traders do not care if $AMC will go to Mars at 500/share, traders will make money to the upside and down. For him, market mania like Gamestop, AMC or Dogecoin are opportunities to make money and shouldn't be dismissed. To add, renowned money managers like Ray Dalio and Stanley Druckenmiller changed their minds on Bitcoin. They now own it. Why? They focus on what's in front of them. When the narrative changes so as their minds. It's just another trade. Markets I'm on the look-out for stocks that formed good bases on QQQ. Technicals look promising with 10SMA above all the others and 20SMA pointing upwards. If this continues, breakouts will be sustained on Tech stocks. Leaders for now are RBLX, UPST, CELH, and TIGR. DOCU made an episodic pivot on earnings report last Friday.  Silver is still holding the flag which is technically better than Gold. I am currently following SLV and GLD names and was thinking of initiating leveraged position on SLV but am not keen enough to use leverage at this time.    Oil names followed thru this week after it broke-out last week following the OPEC+ news.  Crypto There's another round of FUD on Bitcoin which is the death cross (50SMA crosses below 200SMA). I'm excited.  Investment I decided to switch all of my S&P 500 Index holdings to Emerging Markets Index. I was lucky enough to make the transfer before EEM make a breakout 1st of June. Immediately, my Long Term account is at an all-time high. However, with the recent Biden executive order, anything can happen next week. Again, I'm embracing the stupidity of the world and focus what's in front of me. If this gives opportunity to trade to the Short side, I'll bite.  By end of month, I will divesting my FTSE100 holdings and switch to FTSE250. I'm just waiting for the Q2 dividend pay-out and then I'll make the transfer. I am extremely bullish on Brexit but owning FTSE100 which is heavy on Oil doesn't seem to make sense in the next 20 years. Reads Millennials are Running out of Time to Build Wealth Pods Vitalik Buterin: Ethereum 2.0, Lex Fridman Podcast Real Vision Finance Daily Briefings and Interviews /End
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