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Friday, January 29, 2021 9:54:25 AM
Musing 5 of the Day: For those cheering the WSB “short assault” mob, be careful what you wish for. When short-selling was banned in 2008, bona fide hedgers could no longer short equity against their portfolios...cont’d.
— Michael Kao (@UrbanKaoboy) January 29, 2021
Kao suggests that JPS is undergoing another forced selling event, hence the collapse of the JPS. And he suggests that some people were short common and long JPS, so they have to cover the big short on common - hence recent common outperformance
Of course, once covering stops, common is going to drop again - no bueno... I told you the quintuple trains would screw it all up... :(
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