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A highly improbable reinflation of a second AMC bubble has emerged which speaks to how fragile and distorted the financial markets have become that this could happen again. As a result, the long leg of our put spread on AMC is likely to expire worthless on June 18. So, we recommend exiting both legs of this trade today.
We are adjusting our W trade. We have three opportunities over the next three weeks to cash in. This is the first of our adjustments.
In our special report for the launch of Crash Speculator, we recommended puts on CAR. This option will expire this Friday, and CAR will probably close below $28 which leaves these puts in the money and your broker will exercise the option if you hold it. Rather than get automatically exercised, we recommend selling and taking a small gain now.
Used car sales surged during the worst stages of the pandemic, which was driven by the outmigration of talent and money from the major cities. With restrictions now being eased, the problems in cities have not disappeared, but the urgency of leaving and needing a car have waned. Jim and Dan target this leading used car retailer as an inflated stock price and a cooling off of demand for used cars means slower growth and a stock price correction.
