I completely agree with your assessment but there is still going to be money to be made here on intraday scalps.
Keep in mind, everybody thought this was going to be Trading over $1 and some set as high as $3.40 as soon as Eddie Lampert confirm his 120 million dollar deposit. Well, none of that happened and the gentleman raised his offer to five billion dollars. So the stock traded in the mid 50 Cent area for a bit and went right back down into the high .30 area and closed at .41/share
A far cry from a short squeeze, in my opinion.
I'm just going to trade the piss out of this until the Music Stops