 You're very, very crazy. All right guys, so I'm gonna clean up the lens and then get started. All right, what's up everyone? Today's Monday, today's YouTube Live day. So today's YouTube Live is a little bit crazy because we're still, we're in 2022 and the meme stocks AMC and GameStop and Bed Bath and Beyond are all still going crazy. I can't believe it. AMC has been on like a two day run going from, you know, 17 to 27, you know, black BBBY has gone from like six to like 13. GameStop's gone from 30s to 40s. So a lot of things are happening. So we're gonna be recapping the meme stocks today. But before we start, I wanna let you guys know that next week, it's already here next week. We are hosting our meetup. I think it's our fourth annual anniversary meetup. It's gonna be in Provo, Utah and it's completely free to come. It's gonna be our last free meetup. These events cost a lot of money to set up. So this is your chance to meet me. This is your chance to meet Bow. This is your chance to meet the MIC moderators and this is your chance to meet traders from all around the world. We started MIC because trading is very lonely. It's very hard to find someone that understands what you're doing. Everyone thinks you're gambling, right? So it's very hard to have friends in the trading world. So when we started MIC, we wanted to be able to unite traders from all around the world to meet people and talk about their same passion, which is trading. So this is your opportunity, guys. All the information is on myinvestingclub.com slash meetup. You don't have to pay anything. There's nothing. All you have to do is register. Registering is free. It takes one minute and after you register, that is your entry into the event. So this is your chance, guys, to hang out with me, hang out with Bow. If you're struggling with trading, come ask us questions. If you're killing a trading, come help other people. So next week, Friday, Saturday, and Sunday, all the information is on myinvestingclub.com slash meetup. So I'll see you guys there. Now, today's main topic is the meme stocks which are going crazy. So what are the meme stocks? Obviously, as you guys know, the meme stocks are AMC, GME, and BBBY, okay? So early in 2020, early in 2021, the Wall Street Bets movement started to squeeze these stocks because they were heavily shorted. The hedge funds were shorted and the retail traders were trying to fight against the hedge funds and ended up squeezing these stocks, right? So, you know, after a year, after two years, you would think that these stocks are no longer in play, that there's no more action on it, that that trend is done, that the trade is done. Oftentimes, these sectors, right? So this is the meme stocks sector. Oftentimes, these sectors may be run for a few months and then they come back down. They definitely don't run for a few years but AMC and GME have altered reality because there's so many believers. There's so many people that keep buying and buying and buying the stock because they think a move like AMC to 70 or GME to 500 is gonna happen again. And the reason why that is not probable to happen again is there's too many people that are stuck at higher prices. There's too many people that are stuck AMC at 40, 50, 60, 70. So anytime it bounces, they're gonna sell. There's too many people stuck in GME at 100, 200, 300, 400, that anytime it bounces, they're gonna sell. GME's a little bit different because it had a reverse split so kind of prices back down but you can just do the split equation. So what's been happening today on these meme stocks is AMC reported earnings about a few days ago. And in their earnings, they announced that they're gonna be having a special dividend or they're gonna be doing something like crazy. So that created a catalyst for AMC and when one of these stocks starts to run, they all start to follow and it becomes a domino effect of movement. So the crazy thing is on these stocks, you would expect them to kind of pull back, you would expect them to kind of digest the move, you would expect them to kind of consolidate but these stocks don't digest, these stocks don't consolidate, these stocks just go straight up, right? So this morning I was shorting BBBY. That to me felt like the weakest sympathy play of AMC. You know, I was good for a little bit and then I ended up stopping out for a loss. The stock went a little bit further than I thought so I stopped out for a loss and when the stock started to change trend, I started to get back in and I identified the key levels that I needed to break and I covered some of my position around $11 and now it's rebounding like crazy because AMC is rebounding. So a lot of these stocks guys, they're very difficult right now. A lot of these stocks are bouncing further than we expect because we thought that these meme stocks couldn't make the same move again. We thought that these meme stocks were pretty much over but if there's anything that I've learned about these stocks, they are way stronger than we ever anticipate. The meme stocks are a sector that is very, very difficult, right? It's a very, very difficult sector and today I screwed up. So the reason why I screwed up today guys was because when the, we always mentioned the MIC process tells us when there's a hot stock moving, when there's a hot sector moving, our job as short bias traders is to focus on the sector that people aren't paying attention to, the sector that people don't care about or the stocks that people don't care about. So if AMC and GME and BBBY are moving, we want to short stocks like BNGO or TOMZ, the stocks that are kind of forgotten on the day. So that's kind of where I screwed up today. So oftentimes I do a very good job avoiding the hot stock. I do a very good job focusing on the side stocks but today I kind of got intoxicated by these old meme stocks. I made my largest trade ever on AMC. I made like $700,000 in one day on AMC. So there's that little peace in me that I always still likes trading AMC and that's my own focus. So when you see these stocks moving like crazy, when you see these stocks going up, where I failed is I focused too much on the hot stock. I focused too much on the stock that people were really all over. Had I just focused on the side stocks like BNGO, TOMZ or any of the other stocks that are moving, I wouldn't have made easy money. Instead I went to go slay the dragon, I went to go fight the dragon, I went to go attack the dragon and instead the dragon attacked me and kicked my ass. So this is a lesson because I did everything wrong and Bow did everything right today. So what Bow did is he traded every single stock except the meme names and he made easy money. Whereas me, I went to battle today stupidly and I paid the price. So the lesson today in today's video is if there's a hot sector moving and you are a short biased trader, you gotta avoid that sector like the plague or else it's gonna attack you like the plague. But if you're a long biased trader, these stocks are going straight up and that is your opportunity to go long. We mentioned that zombie times are approaching, these stocks may bounce and now these meme stocks are back in play for a couple of days, couple of weeks, couple of months. Who knows what's gonna happen, right? AMC has a forward-looking catalyst now and that forward-looking catalyst might be enough to keep pushing the stock up. So in all honesty, I have no idea what these stocks are gonna do. I'm walking away with break even day today still depends on what these stocks do but the main thing that I need to focus on in this market cycle is avoiding the hot stock. So all these meme stocks are going crazy again, go figure, you can't make this shit up there. They got more lives than a cat and they just don't die. But today's lesson showed you that the MIC process still works. If you focus on the side stocks, if you focus on the stocks that people forgot about, if you focus on the stocks that people aren't paying attention to, that's how you make your money and that's where I fail today. So in training, you must always be honest with yourself. In training, you must always take responsibility because if you don't take responsibility, how are you gonna improve? So what is my improvement for tomorrow? My improvement for tomorrow is if these meme stocks are moving, I'm gonna avoid it. If these stocks are going to string it up, I'm gonna avoid it. I am going to be looking for the stocks that people forgot about. I'm gonna be looking for the stocks that aren't in play. I'm gonna be looking for the side stocks and hopefully these meme stocks keep taking attention, keep bringing money and then that'll bring some action into the overall market. Now, in addition to AMC having earnings and AMC having a catalyst to start this move, the overall markets are rebounding. So if you look at the S&P 500 and the NASDAQ, they're starting to rebound. This does not mean in any scenario that the bear market is over yet. What ends up happening is there's something called the bear market rally. So what ends up happening is there's so many market participants that are short, that are short, that are short that if the market doesn't keep going down, they must cover their shorts, which ends up pushing these stocks higher. So it's almost like a false sense of confidence that these stocks are bouncing. They might not be rebounding on buyers. They might be rebounding on shorts covering. Now, I don't really know. This might be real buyers. I don't really care. What I'm saying is when the overall markets are bouncing like this, it brings in speculation money back into the market. So people like to speculate on stocks like AMC. They like to speculate on stocks like GME. So what do you have the overall markets rebounding? A lot of these stocks tend to go crazier because people are flush with cash and they are willing to speculate and gamble on these crazy stocks. Whereas if the overall market is tanking, if all these stocks are tanking, then these stocks won't have enough speculation money to keep pushing them forward. Now, as I'm recording this video, these meme stocks are still very strong. AMC is at 26. And I think the only way that AMC is gonna go down is if it breaks 24.50. So if AMC holds 24.50, it's gonna keep going up. If AMC breaks 24.50, it's gonna go down. So this is your key level, 24.50 on AMC. So pay attention to that. This video is being recorded around 12 p.m. market time. So if it changes during that time and if you watch this video, you could very clearly identify 24.50 on the chart. So what did I do right today? What I did right is learning my lesson that I shouldn't be trading the hot stocks, right? I reinforced the fact that I should be trading the side stocks. You know, I'm only human. I can't be perfect every single time. I am not a robot. Sometimes humans fuck up. That is the human element of training. And I've been doing really, really, really good for the last eight months, right? I've been doing really good for the past eight months. And it's only normal that I fuck up one time. Okay, sure, I've traded the hot stock and so far I'm down on it, but things could change, right? So does that all make sense, guys? If that all makes sense, leave a like on the video and what I'm gonna do is I'm gonna open it up into an audience Q&A. So let me know if you have any questions on that topic. Leave a like and let's open it up to a live audience Q&A because as you know, these videos are recorded live. So I take the questions of the people live and we'll take it from there. As I'm saying, this AMC is going to, looks like 26.50. Go straight up, straight up AMC. That means that a lot of people are trapped. That means that a lot of people are stuck, guys. And if a lot of people are stuck like that, it's gonna be very difficult for this stock to come back down. So today might not be the day for AMC. How it might not even be tomorrow, might be the next day, but keep in mind that you just gotta pretty much wait. So yeah, about saying quickly revisit how you made $700,000 on AMC. So AMC was one of our textbook setups called the first red day, right? So it was basically it says that if the stock is making an extended parabolic move for over three days in a row and the first day that it goes red, it will trigger profit taking and that profit taking is when you start to go shorter. So AMC is a potential first red day if it continues to go parabolic towards like 30 or whatever hell it is. So a lot of these stocks, guys, are also moving based on the options market. So this is a very complex thing is a lot of people, they end up buying calls. So if AMC is at 27, they're buying the $30 calls, the $50 calls, the $80 calls, right? They're throwing lottery tickets. And what ends up happening is these market makers must hedge their position by buying stocks to cover in case it does stuff like that, right? So there's a lot of stuff going on, these meme stocks, the point is guys that if you are a short bias trader, these stocks are very, very difficult to trade. They're very, very difficult to shore. And it's best to just avoid them, bow avoid them today, he had no headaches. I trade them today, I had headaches nonstop. But yeah, so you guys have any questions? Let's do a live audience Q and A right now. Still watching this AMC, it's like a movie, right? It's funny because ironic AMC is the movie company. But watching this price action is like a movie. Looks like it's at 2650 right now, that's crazy guys. Remember, 2450 is AMC. So draw a line at 2450, that way you could understand what's going. And a lot of people ask, how do we get the shares to shore to these stocks? That's from a success trader guys. This is our broker that we are using, right? So if you go to successtrader.com, this is the broker that we use to find all the hard to borrow shares to shore, right? And a lot of people complain, oh why do these brokers have commissions? It's because if you're trading with a Robinhood that's free commissions, you're not gonna have shares to shore to these stocks. Whereas if you were partnered up with the right broker, if you're using the right broker to execute your trades, the commission is nothing plus, there's a route that takes away your commissions. So the normal commission for success trader using the MIC discount is 0.002 a share. If you use the MIC route, you get a discount of 0.002 five a share, a rebate of 0.002 five a share. So essentially you make 0.005 a share every time you trade. So success trader was the first broker to implement this. Now the other brokers are copying it. Where was this six months ago? Where was this a year ago? So a lot of these brokers are greedy guys. That's why we're no longer partnered with some of the bigger brokers out there. It's because they take advantage of their traders. They're doing a bunch of stuff and I don't wanna name any names, but we're not really using certain brokers for certain reasons. So if you guys are interested in using the same broker that I use, if you guys are interested in the same broker that Bao uses, it's gonna be successtrader.com. And if you come to the meetup, Saturday night, successtrader is hosting a massive after party for everyone. So it should be cool. Looks like AMC just pulled back a little bit, but remember 2450 guys is a key area until it breaks 2450, it is nowhere near over. So do you guys have any questions for me? Hey Tay, remember myinvestingclub.com slash meetup is your opportunity, man. There's a reason why other people don't throw meetups. It's because they don't give a shit. They throw meetups that are $500,000 a ticket. Ours are free, free, free, free. So if you guys don't have any questions, guys, I'm gonna go back to helping the members in the room, helping the members in the community, but I'm gonna give it a few more minutes if you guys have any questions. And if you guys are watching the replay of this video, leave a question in the comments. All right, I mean it looks like no one has any questions. So that's, I guess you guys are all rich. I guess you guys are all billionaires. Totally cool with me. I'm gonna go help the members in MIC. So I'll see you guys back in the room. Hopefully these lessons helped you out a lot and have a great trading day 2450 on AMC 2450. I will see you guys there, myinvestingclub.com.