The speculative frenzy in equities is remarkable
Some of the all-time great short squeezes are underway
Shares of GameStop are slated to open near $100 today as the epic shortsqueeze combined with a speculative frenzy continues.
They were at $4 in August and $20 at the start of the month.
The shares have been bid up by retail options traders at WallStreetBets. I wrote on the weekend about how this episode crystalizes a new era in the stock market.
In the bigger picture, it's clear to me that we're in a speculative frenzy in equities and have been for awhile. The question is how far we're along and I while this is nuts, I think it's a sign that broader equities still have a long way to go.
Yes, margin lending his high but there's nothing out there right now to pop the bubble.