Shorters were arrogant, accumulated enormous positions believing that they were invincible, believing that the market moved to their wishes when in fact they are simply gamblers paying a fee to bet on bad odds. Unlimited downside for them, capped upside. Now it seems they are beginning to see what “unlimited downside” actually looks like. I’m not sure how they expect to buy back almost 10% of the SOI against the tsunami of buying we’ve observed recently, but I suspect the resultant rapid re-rate due to forced short covering will be quite profitable for anyone currently in, or about to initiate, a long position (IMO).
CU6 Price at posting:
$2.36 Sentiment: Buy Disclosure: Held
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