After being beaten for months, shorts have truly capitulated as represented by NYSE short interest. We've seen endless short covering rallies the past few months but those rallies are running out of fuel. What happens when the market begins to roll over? Longs are all invested with cash levels at record lows, while shorts have covered. Who puts a bid in the market?
When this market corrects and it will happen someday, there will literally be no one to squeeze. The bulls will have to rally the market themselves and not the bears for a change.
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