... so one needs to do highly targeted campaigns looking only for illiquid small and mid-cap names which have a very high short interest to float ratio, and second the real systematic shorts are to be found not in stocks but futures and specifically commodities; after all the original widow-maker trader refers not to Gamestop but to nat gas, where as we showed yesterday moves tend to be fast, furious and especially brutal (just ask Amaranth's Brian Hunter). In fact, anyone who was short any midcontinent nat gas overnight is now out of business.

We bring all this up because while equity squeezes - while dramatic and exciting - tend to go as quickly as they come, the real squeezes in commodities tend to last for a long, long time especially if they are accompanied by a shift in sentiment.