We'll pull today's short hedge when it drops below $28
For those learning here today, we left on the incremental short (150k shares) -- all of which was done early and above $30 thanks to the chasers. Easy decision given the einhorners weren;t able to push this down much below $28... but do note we wrote this with the stock almost to $31. LOL
Again, we're still 50% net long in our fund (450k shares) and will look to get to 100% if only they push it back down to the mid $20s tomorrow.
For those who think the shorts got crushed today (we know jakoff rciari does LOL), remember our comment that the pro portion/bulk of it is hedged or, such as in our case, hedges put on at higher levels against low basis and larger long positions. Moreover, have a look at the volume today -- many multiples of the reduced short interest as of the last report.
Squeeze, I don't understand your volume comment or reference to reduced short interest. The last short report was up again by almost a million shares, and today's volume was way under the number of shares shorted.