Wall Street technical analysis by Robert Knight June 2, 2021 on the stocks that are being talked up, including $AMC, $GME, $BB, $EXPR, $NVDA, and more. Transcript:
This is just a quick video on Wall Street Bets and the stocks that they're following. Now, we see today, AMC huge squeeze. Traded to 72-5/8ths, now 62.50. So obviously this is being talked up huge... [continued below]
And so most of their stocks .... are being talked up right now. And we can see that we've had a few moves on these stocks, but the question came up about $EXPR. Maybe forming a double cup here, pops up, pulls back, forms a handle. Now this was a heavily shorted stock and stocks are heavily shorted for a reason, and that is because the fundamentals of the company are very, very weak and they're most likely to go out of business.
So in traditional technical analysis, if you look in the video, we have this big consolidation, pattern pop pullback, Held supports in a trend line, 20 came down and touch the 50 breaking out. If you look at the ... brokerage firms' analysis on this company is probably strong buy recommendations, all those kinds of things. Now, I don't look at that, because I just see that. And that's what the chart's telling me, chart is telling me that this is going.
But when I look at $EXPR, I can't see that because this is a POS. And the only reason it's going up is because Wall Street's bet is...short is talking about it, maybe squeezing it because it has a big short position. So the fundamentals of this company, this isn't strong because of the company. This is strong because of the promote. And it's dangerous to get into a promote. You just never know where it's going to go, or when it's going to go. So you may tie up money. They may not want to do this one.
There's all sorts of reasons why you wouldn't want to take this stock on, but starts to run then. Yeah, sure. Take it. But you don't have to buy it just because it's a Wall Street Bet stock. ... The technical analysis of these stocks goes out the window. There's no correlation between a technical analysis in a stock like this and the promote it gets from Wall Street Bets. So ... you have to trade these with caution. There's no doubt about it.