Some of the all-time great short squeezes are underway
Shares of GameStop are slated to open near $100 today as the epic shortsqueeze combined with a speculative frenzy continues.
They were at $4 in August and $20 at the start of the month.
The shares have been bid up by retail options traders at WallStreetBets. I wrote on the weekend about how this episode crystalizes a new era in the stock market.
In the bigger picture, it’s clear to me that we’re in a speculative frenzy in equities and have been for awhile. The question is how far we’re along and I while this is nuts, I think it’s a sign that broader equities still have a long way to go.
Yes, margin lending his high but there’s nothing out there right now to pop the bubble.
This article was originally published by Forexlive.com. Read the original article here.