GME spikes again just ahead of the open, hits new pre-market high

These moves are insane

This is one of the greatest sideshows in market history. It looked overnight like Melvin Capital admitting defeat would be the top but it just spiked more than $100 in a very quick move.

The high is now $385.

Two thoughts:

1) I’m not sure Melvin Capital has truly covered

I’m not one to question anyone’s reporting but if I was stuck in a short that was absolutely destroying my fund and literally costing me billions of dollars in client (and personal) funds; I would certainly consider lying to a reporter. It’s a ‘sources’ report so I’m pretty sure that’s not illegal, though clients might take a different view if it turns out they still have shares.

2) This looks like a squeeze

I don’t see how any broker can allow a fund to have any significant short positions in this stock. There’s a very real possibility it can be squeezed to $1000 and the latest move looks like someone blowing up. If there’s still 130% of the float held short, they won’t be the last ones to blow up.

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