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Market check: Stocks close lower, GameStop stock rallies, bitcoin consolidates

Yahoo Finance's Jared Blikre looks at market action following the day's closing, as well as checking out the meme stock sector and bitcoin's price action.

Video transcript

- Let's also now see what else happened with the markets today by bringing in our very own Jared Blikre. Jared.

JARED BLIKRE: I thought we'd start off with the meme stocks because I haven't hit those all day. And there's been a lot of movement over the last two days. So here's what's happened today. You can see a mixed board. But if I put the two day look in-- yesterday was a nice day overall for the markets-- you can see some standout performers. GameStop, the OG meme stock, up 50%. AMC also in there. Up 30%. Best two day performance in almost exactly one year for GameStop.

And let's see what was happening a year ago. For that, I'm going to have to put on a two year chart so we can really see that huge price spike in January of that year. Now, we did get a couple of follow on spikes that we saw-- I believe this was February, March, sometime in there, and also in June. That's when AMC really heated up. But you can see over the last two days, even with this 50% performance, still just to drop in the bucket too based on where the stock was one year ago. And in fact, let's see the one year performance. Down about 22%.

Now, I would say if we can clear this area in here, got a decent chance of running up to these highs around 210. But I'll tell you what, we need a catalyst. And what is that? Could be short covering because these are, after all, meme stocks. And what could also be a catalyst? I don't know. Maybe some fundamental news instead of the black box earnings call that we've had that Brian Sozzi, he highlights, 10 to 11 minutes. He's not happy with the length of those earnings calls. Really wants to know what's going on with the company and their strategy for selling NFTs.

Now, here's AMC. AMC didn't really get going until early June of last year, although they did have an initial spike in January. But you can see very similar to GameStop right here. Just kind of a drop in the bucket. So 20 was kind of a battleground area. I wouldn't say it's clear just yet. But you look up, and I would say these lows in here, this is an area that bears worth of tracking. I'll call it tracking. That's at about the $30 price level.

We can also check out some of the greatest winners and losers year to date in this sector. And guess what. Bed Bath and Beyond, their turnaround story juicing the stock. You can see it's up 51%. And let's break down a chart of Bed Bath and Beyond if I can get this to cooperate. Well, it doesn't look like it wants to cooperate.

So I'll just read off some of the losers. We've got Skillz. That's down over 50%. Newegg almost down there with it. And let's see if we can get another chart out. There we go. THE9 down 90% over one year. So a lot of these stocks having a difficult time in this difficult market environment. But really interesting to see if we're going to get some follow through the way we did one year ago.

- And Jared, while we have you, also want to ask you about the action we're seeing in cryptocurrencies. Now, we saw Bitcoin under a little bit of pressure today. Not under quite as much pressure as US equities. But what can you tell us about that space?

JARED BLIKRE: Well, in Bitcoin, I was actually just chatting with Eva Lamoureux, the Canadian whale, who I consider one of the best market timers in crypto. Called the top here. 63-- excuse me. 63 over here. Called the top at 80. And also some of these bottoms. I think there was a buy call right in there. So what Bitcoin has been doing recently is consolidating. And by the way, he's bullish on crypto, mainly through crypto stocks. But he does see $100,000 in the cards.

However, we have to clear $45,000 first. I've been saying that number a lot recently. That's right about here. And you get a couple of closes. You get some movement above $45,000. Might come down and test the prior breakout level. That's when you see this up, up, and away. By the way, conversely, if it breaks to the downside, could be a little bit dangerous there, especially if we break $30,000. But for the short term, things looking constructively bullish for Bitcoin and, therefore, for the rest of the crypto universe, at least some of those mainstream coins.

- All right. Yahoo Finance's own Jared Blikre. Thank you so much. And have a great night.