A massive short squeeze is underway: The 5-day moving average of net call volumes for the most shorted stocks jumped to ~4.2 million, the 2nd-highest on record. That’s nearly in line with the peak levels seen during the 2021 meme stock mania. Call volume for the most shorted names has QUADRUPLED over the last few weeks. At the same time, the 5-day moving average of net call volume for all other stocks has doubled, reaching ~10 million, the highest in 4 years. Shorts are being liquidated.(The Kobeissi Letter)