Almost One Heckuva Short Squeeze

June 5, 2019

Every dog has its day, and Tuesday’s vicious short squeeze was a pooch-lover’s delight. DaBoyz even managed to goose Tesla for a 9% gain. Although that won’t be nearly enough to reverse the death spiral in the automaker’s shares, it will suffice to spook traders who have been shorting the stock with impunity for the last couple of months.

Scandal-plagued Boeing was a relatively modest gainer among the institutionally rigged stocks, tacking on 1.67%. But Netflix, a global powerhouse in TV, was up nearly 6%, while would-be competitor AAPL rose 4.11% for its best one-day gain in more than a month. Lyft and Uber, two dead ducks, went their separate ways, with the former shedding 0.66%, the latter gaining 3.15%. Go figure! To borrow a line from the late Sen. Everett Dirksen, a few points here, a few points there, and pretty soon you’re talking about a real rally. This is not one yet, not by a longshot, but if the vise grip on shorts’ cahones gets any tighter, it could be one heckuva short squeeze by week’s end. 

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