“GME’s board shake-up and stronger holiday sales is causing a long-buying tsunami, which is the primary factor for the price move,” Dusaniwsky said in emailed comments. “While I agree that we are seeing some shorts squeezed out of their positions due to massive mark-to-market losses today, this is much like the chicken-and-egg question – did long buying lead to short covering\squeeze or short covering\squeeze lead to long buying?”
Dusaniwsky believes it’s the former.
“We will not be seeing a massive drop in shares shorted over the next few days, more like a 10%-20% drop which would mean 7 to 14 million of shares covered, which is nowhere near the almost 70 million shares traded this morning,” the analyst said. “Long buyers are the primary force driving GME’s stock price up. “
Haha... This is a short squeeze nothing more. GME Management hasn't added any new intrinsic value... It's the same BS company today that no smart money wanted to buyout last year.
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