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in a recent baron's article michael bury made comments regarding amc and the entire meme stock group and how the move is just simply not sustainable and will end it poorly to say the least here we go here's the article recent article anyways talking about michael bury's comments on not only amc but the entire meme stock group and how it will inevitably uh end in tears guys let's uh talk a little bit about today's action because yeah we are a little bit negative on amc to say the least but we have to kind of keep things in context here yet uh yesterday and two days ago uh big positive moves for the stock so is this just congestion a little bit and a little bit of consolidation or are we looking at something more okay let's let's try to get a couple of things out of the way for anyone who doesn't know who michael bury is big big short fame uh in scion capital housing christ bubble like he's a he's a successful investor um but i'm just going to read the quote that i think is most important here and again like we're going to be talking about his comments uh so you know i don't know when meme stocks such as this will crash but we probably do not have to wait long here's the key as i believe the retail crowd is fully invested in this theme and wall street has jumped on the coattails now there is a little bit of a this is where there might be a distinction that can get made i think a lot of people are probably going to point this out amc is 80 owned by re by retail investors so it to this to the extent that other meme stocks have probably had um a little bit more involvement in driving them up when they do go up from institutions amc kind of does stand out because it has heavier retail involvement obviously you'll sell pressure coming in when the dump comes anyone that's going to be doing a short term trade is going to cause a bigger push down and if there's not as much of that amc could find a better floor for those fundamental reasons that's exactly what i think a lot of people will be thinking here so i'm just gonna say that out loud i think there's a bit of a distinction that you can make but it's obviously true that there is always the risk um that like look let amc like any stock you can see what's happened recently yeah that it could come down fast will it find some support what i can't really say and you can kind of see the double bottom it made here and it's still trying to hold a high or low so from a technical standpoint there's certainly some levels that we can look at that would look pretty interesting to me but it's that key point for me where i say that he's talking about the entire meme space and then part of the reason is that you have retail fully in and institutions jammed into some of these so when they sell it's going to come back in mc is a little bit different from the others in that regard look we're just ch let's call what it is we're just cherry picking this article i mean this is from july 1st guys july 1st this article's from today's date as i look at it is july 22nd okay so if you go over here to july 1st uh when this article came out you have amc at 56 57 it closes that day at 52 oh 50 yeah 54.
so it is right near this kind of breaking spot and yeah it's gone down i mean i don't know what a crash is and and what he defines as a crash but i mean this is a nice little move downside from 54 uh down to 30. so if that's a crash then that's the crash i have no idea um if michael bury's calling anything like this because he doesn't shout out amc specifically uh but this is a downward move like neil said there's a lot of meme stocks that are much more memey in my opinion than amc and i believe that those stocks may be in trouble as well but gamestop and amc have come down since that this july first article so i mean also we do have summertime trading as well uh being a factor here but we'll see where amc can go from now but hey you know when you get a famed guy like michael berry talking about amc and crypto and all these kind of crashes obviously people pay attention so this is something that i think although three weeks old uh something that people are always going to turn back to including us and yeah we have to keep it in in context as we said here guys and as you know this is an older article we have to understand everyone's going to have opinions everyone's going to have ideas as to how to approach this our job is to simply take that information and try and understand best we can how to make educated decisions around where you put your money to work whether or not amc will crash is up to the market it's up to the world right so stick around there's way more to come when it comes to amc here's hey guys thank you for bringing up this information dear viewers please subscribe to this channel to see more market updates
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