Read on Twitter
Today feels like a capitulation day for a *REALLY* insane market.
Thread below on what I'm seeing and why *ALMOST EVERY* stock of a certain type is up 15% or more.
Thread below on what I'm seeing and why *ALMOST EVERY* stock of a certain type is up 15% or more.
Everyone has seen $GME. It's up 120% today. The background to this is forums like Reddit's Wall Street Bets (WSB) have discovered that if massive amounts of investors buy short-term calls on stocks with MASSIVE amounts of short-interest, they can cause A LOT of upward pressure.
Of course, for people watching this (WSB has >2 million members), the FOMO missing out on this has to be unbearable. Which just makes the next stock that picks up momentum that much harder to ignore.
You can find a list of the most heavily shorted stocks in the market here: https://financhill.com/most-heavily-shorted-stocks-today
We can go down them (% short by float) pretty much one by one and see the same pattern over and over again.
$DDS: Up 16%
$LGND: Up 16%
$AMCX: Up 15%
$MAX: Up 25%
Again, I'm not even cherry-picking... I'm just going down the list of most-shorted stocks in order!
$DDS: Up 16%
$LGND: Up 16%
$AMCX: Up 15%
$MAX: Up 25%
Again, I'm not even cherry-picking... I'm just going down the list of most-shorted stocks in order!
So, what's happening is pretty clear. People are watching what's happened to $GME, $BB, $PLTR, and the host of other stocks that are heavily shorted and looking to get out in front of them knowing the market is essentially... Broken right now.
Where does this end? I have no idea... But today is the day it's spread from a select group of stocks being discussed on forums/Twitter and widely spread across ALL heavily shorted stocks.
