Jim Cramer is out this week.
Joining TheStreet Live this morning is the one and only Stephen "Sarge" Guilfoyle, Real Money contributor.
And he actually put his money where his mouth is and bought AMC for a day trade yesterday. However, as the apes will disagree with this, he did sell his position at $55 a share.
Catch his take live in the video below:
Here's What He wrote in His Market Recon Thursday Morning:
"Simply put, the meme stocks are disrupting market data. Winners beat losers at the NYSE by a narrow-ish 9 to 7, and by just a smidge at the Nasdaq. Yet, advancing volume clobbered declining volume by almost 3 to 1 at both the NYSE and the Nasdaq. Aggregate trading volume increased significantly for names domiciled at both of these primary exchanges," Guilfoyle wrote.
"I am not going to go through the entire gamut of meme stocks, such as GameStop (GME) , Bed Bath & Beyond (BBBY) , BlackBerry (BB) and others, but the one that made the most headlines, and traded the most on Wednesday was yet again AMC Entertainment (AMC)," he continued. "AMC ran 95% on Wednesday and appears as the wee hours pass to be percolating up another 21% overnight. I see the name trading with a $75 handle as I write this piece. The point I am trying to make is that AMC alone accounted for more than 13% of aggregate NYSE trading volume on Wednesday. Who knows what percentage of all trading for the day was attributable to these meme stocks as a group? While this "craze," which is hardly crazy (short interest is a fundamental metric) remains a central market theme, breadth cannot be a trustworthy measure for daily market health. It really is that simple."