This morning, we wonder about the data that showed GME's short interest declining a paltry 8%, even after last week's massive (historic?) short squeeze. Were HFs stubbornly doubling down on their shorts and continuing this saga? It seemed so...but this afternoon data firm S3 Partners came out with new estimates that suggests GME short interest fell by 35M shares (-22%) since last week. Borrowing fees have also come down substantially, easing the pressure on HFs. So we've gone from SI at 121% of float 10 days ago to a reasonable 53%...if fact, GME is not even the most shorted stock in the R2000 anymore. Not surprisingly, GME fell over 30% today.
So is the rally over? With SI and borrowing fees falling, what could be the catalyst for another short squeeze that propells the stock up? It was a great run...time to take profits and move on? Some of the Reddit crowd may already be doing so into...silver.
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