caroline: from bloomberg world headquarters in new york, i am caroline hyde. romaine: let's look at where the markets ended on the day. the meme stocks rallied, the small caps outperformed. the s&p 500 finishes just shy have a record high. caroline: meme stocks back at it again. this time, some new names. clover health, wendy's, the

longtime home of frosty's, burgers. joe: the meme stocks are multiplying. i thought i'll had to know about amc and blackberry. clover, that is a thing? wendy's come up a lot, too. [laughter] back to rotation. let's bring in abigail doolittle. if it were not for the meme stocks, it would have been a boring day but they are keeping us entertained. abigail: it is almost like a movable feast, from gamestop to amc, wendy's, clover.

mania after mania, speculation going from stock to stock. at the end of the day, i think it has to do with all of the liquidity in the system, too many dollars chasing assets. romaine: do we have any real sense of who is behind this? we always say, it is the folks sitting at home on the retail trade. but there is some big money splashing around as well. abigail: there are some big moves, some institutional investors will be a part of it. amc, puff 100%, which i did not know was a possibility. today, closer to 5%. mike stanley saying his clients are no longer shorting the stock. there are all sorts of implications. people making money, losing money. caroline: interestingly, wendy's is part of it but not a shorted stock.

abigail: i think that goes back to the point that there is so much liquidity splashing around the system. i think there is a -- a lot of the money went into crypto. bitcoin down about 40 percent from all-time highs. as you talk about often, there is not a lot of fundamentals happening here. these companies are not profitable. what goes up must come down. it is unclear what could trigger that. maybe just a lot of fresh cash. caroline: technicals, and abigail is our cleat at that. another female will be talking about domination when it comes to some of the charts. lily franks is with us from block force capital. she has done a lot of work analyzing these meme stocks. it is unrepeatable when you look at what is going on with the

meme stocks. how do you keep ahead of this when you are looking at some of the analysis, the technicals. lily: meme stocks are partly preserving -- if you look closely at the charts, they all follow each other, really chasing pretty much the whole basket. a good example today is that, if i remember correctly, wendy's and anc -- around the same time at 11:20 eastern. in general, they share a lot of commonality, short squeeze. whether or not that is really what is driving it at this point is really debatable. for example, amc has effectively a ton of bloat. gme in january was 140% shorted,

at least according to available. in that case, there was really a short squeeze narrative. 10%, 20% short, which is high but not that high. joe: how does the rotation happen? one day, gamestop is back. earlier this week, it was amc. today, we are talking about wendy's. i did not even know that was a thing. how does the crowd on any given day and up coalescing around one or two? lily: the way i look at it is similar to the crypto space. when bitcoin fell two weeks ago, you see basically a massive move downward. then you see a massive move slightly back upward. when you see people already

chasing momentum, and when they do that, they buy these options which are usually essentially the highest gamma. this causes market makers and other participants to start hedging. sometimes you can see on the tape itself that basically a big player gets blown out. for instance, a great example was archegos in march, you could see pretty evidently when you are trading. when it hit viacom. a lot of these traders are coalescing. basically, proper traders, more institutional players start piling in.

romaine: i'm curious, with some of the models you put together and the research you do here, do you find that the speed of the rotation, the speed of moving from one stock to the next has accelerated at all? lily: it is debatable to say a location, per se. right now, amc and gme. my hypothesis is that there is really a finite amount of what people call dumb money. you see this coalescing around retail investors, maybe a few institutional stocks which are -- really the squeeze ended with clover, approximately where the stretcher ran out on the auction. you have people who talk about this.

you have a lot of retail options , whales, big tech. a lot of these retail investors. joe: we just have one moment. obviously, social media seems to be a big part of it. do you see on sites like reddit and elsewhere, people jostling, or instant -- or influential voices who have a high propensity to select the stock of the day that everyone is going to go after? lily: to my knowledge, we did see for instance, jim cramer start pushing wendy's. a lot of these media personalities have gotten more savvy in basically understanding the retail effect. in the first round, you saw mark cuban, you saw all of these big

names start pumping up the stocks and trying to encourage it to continue. from my research, fairly recently, i was able to see a pretty strong relationship lag between twitter followers of certain people like thomas and -- the bar school -- the barstool guy, portnoy, you could see there was a direct relationship between their audience and stock price. a lot of these people are starting to understand that they can basically pump the stocks. you see the interaction of ceos, they are starting to get more savvy. romaine: interesting times. it will be interesting to see if regulators jump in and tried to break up the party. we will catch up with you soon. coming up, we will talk about

bitcoin. is there a technical breakdown afoot? who will talk about that after the break. -- we will talk about that after the break. this is bloomberg. ♪ ♪

romaine: that infrastructure deal that president joe biden is seeking to push through congress, it does not appear any deal will happen, at least not right now. that meeting between west virginia senator caputo and president biden, those infrastructure talks have ended without a deal. caroline: we will turn our focus back to what happened in the last day of trading. we are talking meme stocks and crypto. some new entries today when it

comes to memes. on the downside, abigail saying maybe there is some sort of correlation because bitcoin is on the downside. joe: it does seem like that is a thing. the inverse correlation between some of the memes and crypto. amc up, bitcoin down. maybe there is something that people can only have fun in one place at a time. let's bring in the crypto derivatives exchange head of institutional sales, jonathan, thank you for joining us. we see the price. we all see the charts, so we understand it was selling for his this volume selling? what is happening in terms of the actual action on the exchange? >> it is definitely quieter than it was. volumes are lower. i think it is natural to see after a big period of deleveraging, kind of steady drip feed de-risking.

you have to remember, there is a lot of money still for the longer-term investors. there may just be some very gradual chips off the table. that money on the sidelines, looking at cryptocurrency has a technology, not just looking at the price chart. awaiting really for a sign of stability and to come in and start investing more aggressively. i think one really good, the appetite for venture funds is through the roof. they ended up raising a $2 billion fund. i think that longer-term technology investment is very much there. romaine: with cars to the selloff, how much of that do you link to some of the regulatory scares out there, particularly

out of china, over in asia, and the rumblings in the u.s. that folks in the u.s. may take a little bit more of a proactive approach? >> i like to think of three drivers. one is leverage, which is micro. two. yes, there is uncertainty in china but so far, it is looking like the approach will be piecemeal, aimed at the worst actors, aimed at reducing serious leverage for investors. in china, they are not just worried about crypto. commodities, equity access. it really is a financial stability program. in the u.s., you are right, there is a real overhang from the lack of guidance more so than any specific guidance. i think it is taking them sometime to get their head around.

i think it took joe a couple of weeks to get his head around. i think they don't want to make a mistake. at the same time, they want to make sure that rules are being complied to. so far, all of the guidance has been, we want you to pay taxes, things like that. very simple, straightforward things. if you are a big player sitting on the sidelines, particular from the traditional finance crowd, you need some clarity on these matters for your shareholders or investors. caroline: meanwhile, the irs needs maybe more authority from congress. i am interested your take overall on the colonial hack. i hearing both sides, some are saying that this is a worry, the libertarian dream, the fact governments can't get involved,

uh-uh. on the other side, people like you i am sure who are focused on institutional players, doesn't it endorse cryptocurrency to a certain extent that it is not some vehicle to do ill-gotten deeds? >> i think to some degree, the extent of concerns on the esg side are kind of overblown. on the dark web, dark money. the perspective people have on crypto. in fact, it is a blockchain. you can't change entries. you can trace every single transaction that has ever happened. in many ways, it is far harder to subvert legislators with crypto than it is with physical cash. i think that is another story that will be quickly forgotten, i would think.

romaine: we hope to have you back soon. jonathan cheesman, ftx head of institutional sales. this is bloomberg. ♪ ♪

romaine: if you can believe it, there are actually things going on in the world that are not related to crypto or meme stocks. i know you're paying attention to jobs data. joe: fundamentals. job openings on the rise, surging in fact. government data. it looks at openings and they are surging, record highs. look at manufacturing job openings since last february. up 112%.

joining us, nick bunker, the economics research director for north america at the indeed hiring lab. amboy to start with a stupid question. i have had it for like six years. how do they know how many job openings? what is it, like listings on craigslist? >> it is a government survey. they ask establishments, on the last business day of the businessman, how many job openings do you have? caroline:, never such thing as a stupid question. i feel for the people having to fill out all the forms all the time that are in the government survey. joe wrote a story today and it was like the second-most red on the terminal, that the quit is enormous, particularly in the restaurant area, the leisure area. our people feeling confident? is that why quits are so high?

>> that is definitely a huge part of it. vastly you cannot switch into a new job and less there is one available. i think there is also a reallocation effect. people have spent the last year and a bit maybe in a role during the pandemic and they want to go out and find something new. i think it is a combination of renewed confidence and a pent-up desire to explore something new when there are new options. romaine: we have heard criticism either rightly or wrongly that some of the expanded unemployment benefits and assistance out there might be aiding this trend, with the general idea that some states are starting to plan back, do you think that will shift the dynamic? >> i think the predominant trend is that demand has outstretched supply. there are lots of employers out there that are looking to fill jobs, and pretty urgently.

but the decision to hire is probably more quickly made than some people returning to the workforce after a year and a half of some habits are to go away. i think there are some factors. the ui payments, childcare availability, also continued fear of the virus that could be holding jobseekers back. i think my read is that they are mostly transitory. come the fall, two of those three will likely go away, and covid hopefully will as well. i think in the fall, we could be seeing a different situation when it comes to labor supply. joe: obviously, when people see stories about companies having a hard time hiring, they say raise wages. presumably, managers have thought about that and maybe they did not for some reason. is there any other pattern we can see in what types of ways companies that have been successful hiring in this

environment have done a better job of it than others? >> i think the old story of raising wages works most of the time but it is understandable for some businesses in a period when maybe they have had a hard time themselves are not willing to boost their cost so quickly right now. i think the fact that there is signing bonuses, hiring incentives, that is an option to help get applicants in the door. at a long run to the wage bill of a company. i think there is also a chance that employers can bring some people on board that might not have in the past. that can help them staff up and they will probably be surprised to find out that people lay thought could not do the job before actually can. caroline: we thank you so much. joe, what is your next piece of

fundamental data that does not involve chicken tendies. joe: i'm wondering, i see all the companies with hiring bonuses, can everyone just switched jobs so they stay employed but everyone collect a bonus in the swap? caroline: put it on reddit. joe: everyone rotate one seat to the right and collect a signing bonus. caroline: then they can invest in wendy's. joe: there has to be a limit to how many of the meme stocks. romaine: they are digging up something right now. joe: we will figure it out tomorrow morning when something is at 50%, something we have not thought about in 10 years. caroline: it just has to evoke some sort of warm feeling inside. joe: "bloomberg technology" is next. romaine: this is bloomberg. ♪

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>> from the art of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. takes down large