Benzinga | May 28, 2021 04:14PM EDT

AMC: Return Of The Meme Stock. As Crypto Crabs, Wall Street Bets Roars Back. How AMC Longs Can Lock In Most Of Their Gains.

Technical analysis by Swan Financial Studios on AMC.

As Crypto Crabs, A Meme Stock Comes Back

We've speculated before that the insane rally in crypto this year siphoned some of the speculative fervor from the sort of stocks formerly favored by the Wall Street Bets crowd. Perhaps it's not a coincidence that on Thursday, Bitcoin and Ethereum were essentially flat as shares of AMC Entertainment Holdings, Inc. (NYSE:AMC) spiked more than 35%. Our friend Andy Swan offered some tongue-in-cheek technical analysis on AMC Thursday afternoon.

Big Gain For A Top Ten Name From April 1st

AMC was one of our top ten names on April 1st.

Screen capture via Portfolio Armor on 4/1/2021.

After Thursday's pop, it's now up 183% since then. Thanks to the huge gain in AMC, the average return of these top names so far is 12.39%, versus 4.66% for SPY.

At this point, prudent AMC longs may want to consider adding some downside protection. We'll look at a couple of ways to do so below.

Locking In AMC Gains

In the video below, we show a couple of ways of optimally hedging AMC using our iPhone app.

Both hedges we show in that video have generous net credits. Consider taking advantage of one of them if you're sitting on large AMC gains now.