Speculative, heavily shorted gewgaws zoomed higher -- perhaps taking the oxygen from traditional high octane/growth equities.

Meanwhile, some of my fundamental shorts like ($PTON) (-$9.35) and ($CVNA) (-$11.44) cratered today. I have been adding consistently to

these over the last few weeks Disney (DIS) fell by -$2.33. M inexplicably rose by nearly +$2. Homebuilders were mixed.

One of my core and basic shorting tenets is never to short a stock in which short interest exceeds five to six days of average trading volume

(over the last month) and to avoid shorts in which company short interest exceeds 5% to 6% of the company's float.

The short squeezes in ($GME) and the other shiny objects of speculation over the last month are testimony to this strategy of risk control and provides validity

for my conservative approach to short selling that I have lived by throughout my investing career.

That said, books will be written on $GME - which traded at $220 in the after hours this afternoon.

The funny thing regarding the well-circulated open letter to CNBC, is the

notion that a large hedge fund, Melvin, is being bailed out by Citadel and Point 72 because of a large short in GME.

In reality, it was probably Citadel's algos front running Robinhooders at Citadel and Point 72 were a big part of GME's remarkable rise to begin with.

So,

basically Citadel put Melvin out of business and then turned around and bought in at a huge discount!

Meanwhile my pal Tom Lee is saying on Fast Money that a bunch of retail money is about to pile into the market and will be supportive of 30x price earnings multiples.

Frankly,

I respect Tom but find it hard to listen to his logic underlying the valuation assertion.

More tomorrow in my opener. @jimcamer @tomkeene @SquawkCNBC @cnbcfastmoney @ferrotv @saraeisen @carlquintanilla @riskreversal @ScottWapnerCNBC @EpsilonTheory @convertbond

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