i think today was all about where was their concentrated positioning. it got completely 13 smoked out whether short dollar, short bond or long commodities. >> a lot commodities have been strong, gold not so strong, meant to be a hedge. >> negative yields became less negative. >> we're out of time on "closing bell." "fast money" starts now. live from the nasdaq market site over looking new york sit city's time square this is "fast money" tonight's trader lineup tim seymour, dan nathan, jeff ngd a guy adami. tonight we're taking you inside wall street blockbuster what is driving shares of amc, you'll hear from two of the biggest traders joining us straight ahead and former trader at citadel sounding the alarm saying the market is broken and pointing the finger at his old firm saying the retail trader is getting a raw deal and later in

the options market we'll break down new names on your radar welcome, great to have you with us up might notice something different, at the bottom of the screen we placed ticker with live stock commentary with reddit boards, keep it clean you might see yours, but keep it clean. another red hot day for amc rallying to close above $60 a share. second highest close ever. let's take you inside this trade. kate rooney is kicking us off >> another wild week for amc closing up 10% today adding to that eye-popping 2700% rally so far this year. amc's ceo adam arron looking to make the most of it, amc sold shares to raise money and pay down debt, ceo saying they raised more than $1 billion in the past 45 days alone, as a result, s&p upgraded amc's credit rating last week. the stock is mostly owned by

individual shareholders. the ceo said it is 80% retail investors, a lot of people are also betting against this name, almost a quarter of amc shares available to trade, known as the float are sold short at this point. the stock is also consistently one the most mentioned naming on is wall street and other popular reddit forums. the analysts less bullish, average price target $5.25 meanwhile the stock is trading around $60 a share melissa, back to you. >> kate, thanks, with the latest on the amc trade what's driving it tim seymour, i will go to you, gamestop was a flash in the pan, we're talking about amc above $60 and it seems like there's some sort of support even through this proxy vote. >> well, we talked about how the momentum and liquidity dynamics are also very much under pinned by technicals. we talk about this all the time. look, without getting into who

is short, who's not, who's speculating, and who's not, what we're seeing in terms of the enormous volume in this name wherever it otriginated, someone had a view, change in management, the ability capital changes and buying old theaters chains and start life a new. it's been a case of both institutional and retail investors are very much involved in the trade. i haven't been terribly bullish on the fundamentals here but i'm also someone that doesn't disregard when the market at the time database tells you tells you you something with liquidity dynamics explainable. >> that's key you may say there are no fundamentals driving the stock, that doesn't matter, the trade is here, it's $60 and up 10%. >> keyword is trade.

whether you're speculating that 60 could go to 120 or whatever, a lot of people believe that, 80% of float is retail, that's not bullish, not here, based on the disconnection from the fundamentals i don't mean to be dismissive in 22019 they lost $112 million that was pre-pandemic. so if you're telling me fixing their capital structure, raising cash to give themselves a life line, that's great, ultimately for investment to work you need the fundamentals to pair with the timing that's my warning. you can say who the heck am i to warn anybody about this, they're putting their money where their mouth is until it doesn't work when the gamestop thing unwound a lot of people did very poorly in that quick presippitous drop and handful of people that did really well. >> yeah. guy, what's your thought because

that presippitous thought caught people by surprised. >> you will interview a couple guys, i'm fascinated to hear what they say. i will say they're neither trades nor investments, they're something we stumbled on in the last 6 to 9 months, they're vehicles to make money, in some cases lose money, that's what they are, vessels that people found, maybe their disproportionately levered in terms of some of these derivative products and wall street and on reddit taking advantage, this time amc, i don't think the fundamentals necessarily matter that's okay. i got to tell you, if you enjo joyed the move from 5 to $65 that money is add spendable as money from 5 to $65 or a multiple st -- fundamentals story, it doesn't matter, i say

good for them. >> jeff mills there are positive side effects to this whole movement let's call it. >> there's no question about it. there's good and there's bad we've sort of covered the bad. just to put numbers it to it, speaks to what dan said, right now you buy stock 9 times forward sales, long time average 0.6 times, so really what has changed to justify that? it's hard to answer that question i'm also worried about the people who are buying late, what happens to them? what's their ultimate experience i think that's concerning. melissa, to your point, i think the good is have important it's very positive that tonight and on a go-forward basis a lot of people will be talking about how the system can be improved, whether talking about settlement timing and the robinhood thing, or naked shorting dark pools, whatever it is, there's big opportunity to shine light on

what truly needs to be fixed, the former, the bad stuff is generating the focus on all of this market plumbing that might need to be changed going forward. so i think it all might be a means to a very positive end >> all right let's dig deeper into amc with two traders with real skin in the game, joining on a "fast money" exclusive, trey collins and matt core guys, great to have you with us, welcome. >> thank you very much. >> first of all, matt, are you guys friends >> yeah, definitely. >> have you guys done this before, trey, together >> interview together, no, this is a first time but we've been good buddies a while we chat couple times a week. >> i tell in your twitter feed there's real camaraderie in this trade. what's the number one reason at $60 a share amc will go higher >> oh, the number one reason so there's definitely a myriad

of reasons but for me it's definitely much more of the fact the stock itself, its price is the scoreboard, and it's the power of the psychological wildfire that the social and cultural movement is taking place, we're just seeing the impact of that in amc's ticker. >> trey, same question to you. i'm sure you probably echo some of what matt said, in terribles of other reasons in terms of other reasons behind this stock what's the reason amc will go higher in your view? >> i think it will go higher because you're looking at a new breed in the stock market, apes, like old traditional style of investing methods is not what you're watching taking place, it's kind of a revolution in terribles of what's goin in terms of what's going on for new opportunity to make money. the chart is bullish consolidating in 55 to 65 dollar

range that shows strength and anticipating going higher and that's why it will go higher ultimately. >> let's be clear, trey and i got to talk yesterday a little bit, matt, we made the point it's not necessarily fundamentals. if you want a fundamental analysis you can go to traditional wall street research and get the report that will say a penny a share, et cetera et cetera, but does fundamentals ever factor -- i mean, in terms of knowing amc has raised cash and debt has been upgraded by s&p and knowing it will buy a chain of theaters in california, does that come into play in your narrative for the stock? or no, that is a side show >> very, very minimally. much more closer to it being a side show. reason i'm saying that, i don't want to completely ignore it that's the common argument against it, fundamental analysis from the start of 2021 to this very moment we're talking right now, the fundamental trajectory

of amc has improved. so i think that's almost weakening the argument against it i want to reiterate the fact that this is not a fundamental long-term investment, much more of a swing trade, momentum trade, it is just a trade, fundamental investment would take place after the short place narrative fully plays out. >> can you walk me through, trey, what are the factors in place for this what you guys the mother of all short-squeezes to take place >> well, three main things that both me and matt like to talk about essentially, it's the short interest, with the squeeze and fomo buying, fear of missing out. you have decent amount of short interest and these shares have been held a very long time, 47 days is the average amount of holding and average position held at $10, they're down substantially so there are more

shorts to cover the position and run this stuff gamma squeezing, big squeeze up effect market makers have to buy the underlying stock from the market to drive prices up and momentum trade bring in day traders looking at the stock thinking this is the hottest security in the market i want to be part of it and make money on it and those three factors drive the momentum over the last month >> matt, what triggers the squeeze, eventually? what's it gonna look like? >> what's it gonna look like i think it's going to be a violent and volatile move to the upside to put quantitative numbers it to it, the people bepting on this on average have had they're those shared loaned out 47 days, they got in on average $10, which means they're down 500% that's over $2 billion, we're

dumb money why are they down $2 billion and our pnels are insanely high. there's so much pressure against the shorts i did a run down on options expiring tomorrow talking 37 million shares and the unknown factor of fomo buying. the story is resonating with people on a deeply human level and i think it will mean we'll see more and more fomo buying, why not stick it to wall street when you have the opportunity >> how much of the trade is the stick it to wall street mentality driving your personal position in the stock. >> i got to be honest, melissa, this is something personal to me so i come from a place where i wasn't very well off i did not have a lot of money. in fact there was a summer i lived in the back of my car trying to make ends meet and i think you get the peak of the iceberg where the stock market is built around suit to tie hedge funds, the 1%, so they

continue to make money off the suspense of a systematic problem that takes money from retail investors i got in amc in january and after watching what unfolded on robinhood and that you could only sell your security, i was flat out angry and dug into the research, due diligence number crunching and educated myself to see, this is a stock that has more upside and i think can send a message to the big guys on wall street to show the retail investor knows how to make money and want to send a message to the short sellers to say you should stop betting against us, simple as that. >> there's a lot of messages on the chat boards in terms what is wrong with wall street, what's your number one gripe? what's the number one problem in your view that needs to be dresses by s.e.c. or regulators, whomever >> from more of a high-level view it's insane we've got to the situation that two 20 years

old are coming on this show asking for more transparency in stock market funding, the amount of unknowns, the delay in getting data reports is ridiculous, right now we just want more transparency i think from that high ergeneral level, the field is clearly tilted we're not engaging in a fair game across the board. there's different rules for different players and we're just asking for a fair shot across the board. >> trey, same question to you. >> i would speak on the exact same thing, you know this is something i find very fascinating, the amount of retail investors in the stock market in the last 12 months, 20% of actual transactions on the market retail investors now 35%. and off exchange transactions, the transparency matt's talking about is 50% of actual transactions taking place in dark pools, just the name dark pools, sounds like something you can't even trust

it's not transparent you got the t-2 settlement system you got big brokers saying you are saving money on transactions but it's pennies compared to the millions of dollars coming from the retail investor. >> matt, twient get back to the idea that you guys is a swing trade or momentum trade. it's a trade and yet on the reddit boards it's diamond hands so are you trading around a position in amc? how are you managing that position >> for me personally i've been building on my shares and will move in and out of different options because exclusively they expire at whatever date. for me personally i have a bunch of options expiring tomorrow depending on what's going on i might roll some, might exercise some, but overall i have a position all i do is add. >> same question to you trey, what other stocks are you trading besides amc, i guess

you're trading lots. >> so this is just my strategy, right, i purchase about 80% of my amc position in stock and the other 20% in options and will roll the options the same way that matt will so that i can capitalize on the gains and not have to fight beta so much and you can use those gains to by more stock and more options. i continue to drive that in. i've been doing that since january 26th or 27th that's the first day i bought amc stock to be absolutely transparent i got long-term positions i don't look at but other than that amc is what i'm focused on because he have that much conviction in the trade, i have since january. crunching the research i didn't think $5 is as highs it will go i don't think a penny is either. >> okay we'll have a number of regulators and s.e.c. folks on the show tonight matt, quickly, what's your number one question you'd like answered on behalf of, what you call the ape community >> i would like a lot more insight on this concept of what we're seeing, successfully

segmenting all of the retail traders which i think is damaging to the market as a whole. this concept of payment per order flow is kind of hurting all retail traders i don't see how it leads to a healthy wall street experience. >> trey? how about you? >> the audio cut out, you mind saying that. >> the number one question you would like answered tonight. we're going to have a lot of ex-regulators and s.e.c.-type guests >> i'd like to see what sort of systematic changes we can make i think there's a huge opportunity to lenna learn in the last six months of experience, how do we address failure to delivery, hard to borrow naked shorts, how to address -- margin debt, what do we need to do to fix the high-frequency trading a lot of big things that led to

this moment we're watching unfold >> trey and matt, love to have you back on, great speaking with you. thank you. >> appreciate it, melissa. >> let's talk about this, tim, what did you think it's interesting to hear them speak. very well-spoken for 20 years old for sure >> their understanding of market dynamic and complex derivatives is important it's nice to hear the empowerment they represent a self-proclaimed retail investor class at a time when the market, look, we've had many periods in the last 10, 20 years where the sense is you lost the retail investor and different reasons coming out the covid we brought retail investors more into the market they include we talk about when there's less scamming to be done, when stimulus went straight into the market, when people stayed home and were bored. the great news is there's never been more information and has

levelled the playing field there's fantastic information that's free. there's fantastic information in newsletters that don't cost a lot of money, i think that's part of the bullish story here. >> yeah. guy. >> cnbc was created to help democratize and when we started this show one of the things we want to do is help empower people number of things i find fascinating, just my opinion, i don't think the short sellers are trying to stick did to the retail investor at all i think they're trying to take advantage of stocks they feel are over valued and are going lower. i don't think it's to try to stick it to the retail crowd it's few places i would take a different row. i understand what they're saying again, it's a fascinating conversation everybody has different views. my biggest problem with it is i don't think the establishment is trying to stick it to the retail side of things. >> okay.

coming up, the market is broken. that's the sharp indictment from a former trader at citadel why he says the average trader is getting a raw deal. plus, or tech out with new number tonight four stocks that need to be on your watch list. as we head to break let's look at most talked about stocks on reddit accord to think alternative data "fast money" back after this me, i love my work family. family here and home, is my life. life is better for us because of a job. a job created when you buy this tea at walmart. ♪ i got love ♪ ♪ i got love ♪ ♪ i got love mama... ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices.

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at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. welcome back to this special edition of "fast money" we're taking you inside the amc trade, we're getting new data according to financial data 5 ft. 5.5 million shares were borrowed today. amc short sellers lost $383 million today alone. bringing total losses this year to $4.7 billion. okinoumi okay another name that stood out. clover health saw short interest increase more than 4%. gamestop, the stock that started this all, short interest fell by 9% 126,000 shares borrowed. more than 1 million return and

cannabis company sun dial 4 million shares borrowed, 20 million returned jeff mills, thoughts on any of those stocks we just talked about? >> i think you would be crazy to short amc or gamestop here the fundamentals obviously are not the driver i think these retrail traders can keep the prices high for a long period of time. they're the anointed ones. when you start talking about other stocks there ends up being a coordination issue and more capital is spread out it's harder to sustain higher price you saw it in clover, wendy's, sun dial, these big pops, but they don't stay, they retreat, i think that's the issue when you start talking about other names, it creates an opportunity for short sellers because there isn't enough volume to keep the price high. >> yeah, i would just add listening to the gentleman before, they're talking about these positions that they're long, very focused on them,

spending a lot of their time, resources and capital on, institutions don't think of it that way, they don't have one-off shorts you don't be a long player that's it, you know hat, that looks like a long short i will lean into that the difference is risk management important the guys are focused on that, they got bills to pay. the truth is, way capitalism works is capital will find its most productive uses and at some point won't be deemed productive in those stocks. when thinking about shorts hedge funds aren't targeting situations on a one off basic, they're thinking holistically, putting them in pairs, stuff like that. >> i largely agree with everything you say but i think short sellers can have directional hedges or can have tactical hedges or they can have in some sense hedge that's are there to be correlation hedges if you see a broken company

going after it you're playing offense. shorting stocks, especially finding broken companies going after structurally flawed company or broken companies, balance sheet or another, is hard thing to do i think as a guy who ran a long short hedge fund for a long time on the short side one of the problems is you can have a view and be right but can compound the position by being long and short of pairs trade how often do those work, it's vary rare you get the derived response i think it's a tough environment. >> these guys are very concentrated long, right that's the trade for them. on the short side i don't think you will see an institution -- in particular -- you would keep one position at like a low single digits percentage of the whole book and then you risk manage it. melvin is doing something i don't know too many smart hedge funds are doing, you're not pressing a single digit stock, because it can oath go to

zero -- only go to 0o. it's a system met rick that's what they got right at amc at $2 it's a crap shoot at 60. >> we're just getting started on "fast money. here's what's coming next. >> are we dealing with a broken market former high-frequency trader lays down why he says retail traders are getting a raw deal plus which stocks are going to the moon next, pete najarian is bringing the names that brought his attention, that and a lot more when "fast moy"ne returns ♪ maybe i didn't love you ♪ ( ♪♪ ) ♪ quite as often as i could have ♪ we're delivering for the earth. by investing in more electric vehicles, reusable packaging, and carbon capture research. making earth our priority. i thought i'd seen it all. ( ♪♪ )

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vast majority -- problematic price formation is not really reflective of what fly splooi and demand . >> that's part of the conversation catch the whole interview at cnbcevents.com/evolve. a major gripe of this crowd is there's no transparency and it gets to the heart of it, about half of total trading all stocks in the united states happen off-exchange so is, therefore, the price we see scrolling at the bottom of the screen, on the ticker, does that actually reflect true supply and demand if half of that is -- >> if that trend agreeing as it appears to be it's distressing and people are paying more thor their trade, bid ask gets wider, different dynamics as i said the proliferation of

information is the best thing to happen to not just retail but to institutions too let's be clear, the playing field has been level between the buy side and sell side a long time ago used to be the only guys that had the pricing insight were the guys mach the prices so, look, it's all moving into a place where technology has democratized the industry. your point about executions going on away from exchanges, is that misleading investors as to real price discovery, of course it is. >> and certain names like amc those percentages are much greater in terms of the difference off exchange and the difference and amount on exchange, amc is one example a lot of these reddit stocks are examples in terms of much more higher percentage of the order flow is directed off exchange. guy, do you think this is problematic? to the retail investor it might look like there's two sets of prices or two systems in place

>> it's fascinating. you know, i really don't know had you to answer that, i'm curious to hear what the regulators do. to think of of any of these situations have been run of the mill short squeezes it's a bit of a false narrative we talk with rich greenfield couple weeks ago, amc probably traded 1 billion shares and given ample opportunity for any run of a mill short to cover their positions. i've said all of along these are more highly level derivative positions taking place off exchange, it is what it is but the wall street reddit bets crowd have been taking advantage of it. i don't think the positions were put on to stick it to the retail investor, i think they were put on to try to make a lot of money for their funds and their investors and it back fired on them it's a fascinating set of circumstances literally taking

place in the last six to nine months. >> our next guest says the current market structure i broken and retrail traders are getting a raw deal, a former high-frequency trader at citadel and now at urban a.i. thanks for being with us. why a raw deal, what about the deal is raw? >> i think there's a lot about our current market structure that's overly complex. if you ask any regulator, them will tell you, this is not the market structure you would design if you were starting from scratch. it's something that's been layer on year after year and decade after decade and frankly the point we've gotten to is one in which a lot of incumbents have been able to structure it exactly how they want it to be structured because they're making a lot of money and they're able to wield a lot of political power. i think we've really lost site of the two primary purposes for markets which is price discovery

and capital formation. price discovery is so critical and it happens mainly on stock exchanges. on lit market. so this issue you just brought up with half of all trading taking place off exchange and 70% or more like in stocks like gamestop and amc i think is a real problem and is costing everyone money it's costing the retail in investors money who are trading their through broker and being sent to people like citadel and it's costing pension plans and mutual funds money because they're trading off the exchange quote and if that quote is wider because of all of this off-exchange trading taking place and by some estimates 25% or more is how much wider the spread is than if all of those retail orders were to make it to the exchange they are trading against a wider spread that's 25% too wide, artificially widened, it's costing pension plan's money,

mutual fund's money, that's where retail truly has all of its wealth and i think that's a big problem >> they're getting a raw deal because they have to pay more under this current antiquated system built by incumbents. >> that's right. when you have internalizers in defacto duality you have issues around corporate power and trust and gary gensler said that when becoming s.e.c. chair in his first testimony. this is an issue that's going to get a lot of attention and the concentration of information is problematic. 70% of gamestop is trading through citadel and virtue and they're making markets on exchange and the designated market maker on the nizi for example have a huge information advantage. that kind of information advantage means they have a lot of power to set the price of that stock now, it doesn't mean that they're affirmatively

manipulating, i'm not saying that, but it does mean that they have a lot of power and they can swing it, you know, in all sorts of ways to help improve third period profitability or change the quote at which they are then internalizing. >> hey, david, it's jeff mills here quick question for you obviously the s.e.c. regulation cycle is very long we're shining a light here on some issues that impact retail traders, is there anything they can actually do today to better position themselves for the environment in which they're operating >> in terms of what should regulators be doing? >> what retail traders can do right now, are there any actionable insights they can take away from this discussion other than the idea that, yes, they're disadvantaged. is there anything to better position themselves given the present circumstances. >> i think so. and i think that they can take a good, long hard look at their broker and how does their broker

handle their orders. you're a retail trader it's very difficult to get away from a broker who is sending orders to duopoly however when retail broker sends the order to the internalizer, internalizer has a certain amount of money they'll make and a certain amount to rebate back to the broker or retail client, if they sent it to broker that's payment order flow if back to the client better price on their execution. some brokers take nearly all of it for payment for order flow others don't take any payment for order flow they give it back to their client as price improvement. if you're a retail investor you can say i will probably want to go with the broker who gives me everything in price improvement it adds up over time and best execution, are these retail investors really getting

best execution if you're measuring it against an artificially widened spread and it's okay for some brokers to take everything in payment and originals giving everything in price improvement. i can't see how both of those things both be best execution. problem is, if you ask a regulator, they will tell you -- this is a direct quote -- that trying to enforce best execution is like trying to nail jell-o to a wall i think that's a real problem for markets >> yeah i'm not a big fan of jell-o, never have been. i will say, it's interesting, we're drilling down on one specific thing, but would you submit the playing field in terms of where we were ten years ago to now in terms of retail has never been narrower. my sense as a playing field has never been flatter than now. your comments no with standing >> yeah. if you're going to compare to, you know, early day of prenms

there's no doubt elect ronnicfiction of markets have been an incredible trend for everybody, institutional asset managers holding the wealth and individual retail investors, i would never deny such a thing. you're looking to assign reasons for that it's hard to say that, you know, off exchange, it's increase of off exchange trading is helping it's hard to say the practice of internalization is helping relative to something like decimalization that dramatic ally brought down cost without this complexity >> last question, you worked at citadel and this duuopoly do yo think they use order flow to their advantage. >> that seems like a dangerous question to answer and so i would never say, you

know, i would never accuse anybody specifically of manipulating markets or anything like that. but i think having that kind of information is sub optimal for markets, having that concentration of information is not where we want to be. i believe in open and free competition for order flow i believe if you send all of those retail orders to lit exchanges you would compress spreads for everybody and those retail orders would get just as good if not better execution because of competition can had is something if you're in markets you would think you'd support completely free and open competition. >> great to speak with you, thank you. >> thank you for having me, i appreciate it. >> what do you think paying for order flow helps the retail investor get to zero dollar trading >> that's robinhood. that's robo. >> so that model -- >> yeah, i don't know whose complaining about what they only complained when

robinhood shut them down but were happy to have a free iphone app to let them trade all day and night and give them margin to do it, at the end of the day, it was the on-ramp for a lot of them, are they complaining about being the product? not the actual service, i don't think so any more. i suspect a lot have gone back to robinhood because they're happy when it's open for business right. guy made a great point, markets have probably never been as transparent. you can talk about all of this off exchange volume, it's always been that way. tim you remember, you would go up in a big trade and traded in 24 hours >> so it's liquid and it's transparent. >> minute yip market very limited information. i will push back and say, back then you could have said that's the way it is and then just say okay, let's let it be. but that wasn't the answer either we're in an information age of

everything electronic tied so why not have more transparency in this market jeff mills, for you, the notion that that spread is wide between lit markets and off exchange, to you, is that -- should that be rectified? should it be a tighter spread? should everything be going to a lit market >> yeah, i mean, first of all, i think there's a misconception that people like me actually want some sort of system because we're big money managers, manage billions of dollars generally we're slower moving long-term investors not trading in dark pools, so big money managers have interests very much aligned with the retail investor i think anything to improve liquidity, improve price discovery, i'm certainly supportive of that >> all right coming up on this special edition of "fast money." get ready for lift off, pete najarian bringing us names that could be going to the moon next.

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welcome back to "fast money. we're tracking unusual options market, let's bring in pete najarian and look at some of the names, what are you watching >> a bunch of them i will rattle them off real quick. blackberry is interesting, in january stock trading at $8 we had a buyer 21,000 of september 10 calls paying $2 forethose within wink suddenly the stock was trading $28. huge jump now pulled back to $13 today. we had 5,000 of the september 21 calls getting bought today so looking for a nice spike to the upside in blackberry which has a 10% short or something close to that. macy a.i. is the next interesting story, jumped in january, march and in may all after seeing unusual option activity hitting us, today the stock around $18, a little bit more, we had a buyer of 10,000

august 21 calls in there, looking for a nice spike in the stock as well once again, and again some of that short interest of 13% therabouts for that particular name as well i got one last one, workhorse. makes a little sense got 40% short interest in this particular name with the stock trading just below 16 they not only bought tomorrow's june 16th but the follow friday's june 16th as well, a lot of activity out there looking for nice spikes in the stocks, with some of the short interest we know how the short squeeze can work very rapidly >> pete you traded in some of these names, specifically you traded in amc recognizing the action, the momentum, are you in any of the other names that you flagged? >> yes i'm in all those names i just got out of amc, i've been in just about every one of these names. it's hard to resist we know the short side of things and we know there's been success in the past, whether it's gamestop,

amc, blackberry, whatever the name might be, we continue to see this start to expand more and more out there, not just two or three or four names but now we're seeing up to 10, 12, maybe 20 names out there that have huge jumps to the upside in terms option activity. whether or not they follow through we'll see, but some are still in play. >> why is did you get out of amc, will you get back in. >> i will be back in if i see monster activity again so far the activity in amc has been very strong, 1.9 million contracts again today trading in there. mel, what i've been seeing is way out of the money call buying up inthe150 range strikes getting the activity but those are a little bit too far out for me right now so for now i'm sitting back and waiting for the next, a little bit close to where the stock is. >> tim, quickly, you've been in macy's and see this unusual activity what's going through your head when you have a stock for fundamental reasons and see

this unusual activity. >> the volume increase in macy's is notable in the last couple days and when the stock has had big moves it's been big volume moves the story will be fundamental. i realize short interest has given me the confidence to chase a recovery story, that's always the biggest stock, the short interest those folks were crushed by improved credit story that's why i like macy's. >> pick your poison, of the names pete mentioned. >> macy's, which was trading 22 just middle of march has pulled

back given what pete just said, i think macy's in terms of the set up for the wsb reddit crowd and in terms of the fundamentals makes the most sense. >> pete najarian, thanks for dropping by, we appreciate it, always good to see you. >> thanks, mel. >> we got much more "fast money" right after this with a bang. energy and change came to every part of our universe. seismic or small it continues. (♪ ♪) change is all around us. (♪ ♪) shaped by technology and human ingenuity. we can make it work for you, and your business. let there be change. accenture.

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welcome back to the sneak peek at the krcramer cam, jim wh an exclusive energy with skree of clean energy top of the hour on "mad money. we've been talking amc let's talk regulation is there a regulatory crack down coming bringing in now former s.e.c. lawyer now partner great to see you again. >> thank you good to see you. >> what group to you think is number one on the list for the s.e.c. to investigate when it comes to this whole trade? >> the answer to your question about investigate is really the key. investigation would be those who were involved in the momentum trading. that would be whether it be

institutions, individuals, or those who are trading off the reddit board or those messaging on the board and trading what the s.e.c. will look at is everyone who traded in these meme stocks, those that were trading in disproportionate percentages to what their fundamentals demanded. you go back to the respect to options, the word fundamentals kept coming up time and time and time again in the last segment the fact is, what we're really talking about is what is the s.e.c. going to do from an investigative perspective with respect to all these securities running well beyond what the fundamentals demanded. >> isn't it a judgment by the s.e.c. that fundamentals warrant or don't warrant investigation it's not really the role of the s.e.c. to say this stock isn't worth this so we're going to investigate the trading surrounding it >> great question, i'm really talking about using fundamentals as the metric point of

investigation because nothing should prevent a stock from being able to run 20 to 30% on its own. the real issue was was there fraudulent activity involved in the trading, was there manipulative activity, were individuals encouraging buying saying i'm in the stock let's get in it, when they were selling the stock. i think those are the dynamics s.e.c. will look at from investigative perspective. when framing the question around regulation, i don't think you can regulate it here because you really can't create multiple tiers of regulation or apply different metrics to these securities >> we're up against the top of the hour, always good to hear from you, jacob frankel sounds li erykevebody has a target on their back at this point up next, final trades.

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welcome back to "fast money. this time, for the final trade that went fast, right tim. >> good times. really interesting focus today we talked about macy's, look, i like macy's because of the fundamental improvement in the balance sheet and their digital store growth is part of that e-commerce business, fresh start for macy's. >> tim >> hi. >> dan

[ laughter ] >> that was good i like sofi here it just traded above $22 high of $28.5 few months ago, went public via spac june 1st when they are publicly traded company it will be good. >> i was captivated by the comments on the bottom of the screen i got caught looking at them and not focussing. jeff mills, i'm completely focused on your final trade now. >> that's good to here hear we're talking about stocks moving all over the place, vrks i viacom looks interesting here. it held $40 nicely 10 times forward earnings. worth a look. >> guy adami >> up know, the market was interesting today, clearly, i think it's important to shine a light through all different lenses what's been going on the last 6 to 9 months, hopefully we

did that justice and through the lens we talked about, draftkings should have been down a lot more on the back of that hindenburg report and wasn't -- >> thanks for joining us on "fast money. don't go anywhere. . my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money," welcome to kra america, i'm just trying to make you a little money my job not just to entertain, teach, educate, call me, 1-800-743-cnbc or twee