Per Ortex around 30% of shorties have closed their positions since last week
I keep reading that S3 Partners is reporting different numbers and that Ortex’s numbers don’t include naked shorts. But I looked on S3’s website and their twitter and am not seeing any support for those claims. If someone has evidence to support those claims that’s legit (not some random youtube video from a conspiracy theorist) I’d love to see it as I am currently betting against AMC and that might change my decision.
With 30% of shorts closed this is quickly moving away from a short squeeze and into a crowded long trade. Which shouldn’t be surprising to anyone since it’s not trading on fundamentals here.
On the technical side AMC is holding up very well today. It gapped up from that big $40 support level. Took out $50 and made a stab at the big $60 level which overall is pretty bullish price action so far.
Since I’m betting against AMC I want to see AMC lose the $53 and $50 levels today. But for bulls it’s looking pretty good. Holding $53 in what looks like a bull flag under $60. If $53 goes should pick up some selling momentum but until then I’d say bulls have the advantage today.
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June 7, 2021 at 09:42AM