from Jesse’s Café Américain:
I think we have a little short squeeze going on this morning. I have not looked at the composition of the option trade or the futures contracts but maybe some specs came in leaning on the short side, looking for some easy money on an option expiration.
As a reminder there is a two day FOMC meeting this week with their rate decision on Wednesday. My friend Dave thinks this is a setup for that. Perhaps he is right.
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