Earlier quoted context omitted.
Short interest down massively from Friday. Equities don’t settle instantly. Tomorrow will be bloody.
I kept seeing people saying Friday would be the reckoning and offering various contradictory reasons that orbited around “the margin call expires and they have to buy”. Nobody could say what time the margin call would “expire” or provide a source explaining how that worked, and when none of those things happened and the stock rose back to 300-ish and closed, everyone just updated their takes to Monday instead. How do…
Not sure what you mean by this, but I presume you're referring to options expiration. Some people, with a tenuous/non existent grasp of this stuff were running around screaming "naked shorts" and thinking that Citadel and other market makers were going to need to buy massive amounts of underlying to deliver against their short calls. But the entire reason a gamma squeeze works is because the MMs are buying in their delta as it moves against them. So that was never a very good theory. Opex also means that a lot of gamma expired, which would offset whatever opex buying actually needed to be done.
> everyone just updated their takes to Monday instead
The average Robinhooder/Twitter jockey perhaps. What actually happened is that S3 Partners, who do predictive analytics on short interest (which are officially released fairly sporadically) have suggested that their early take on Thu/Fri trading is that shorts covered a fairly large amount. Given that this whole squeeze is a momentum game requiring coordination and confidence amongst the longs, taking out a huge chunk of the fuel would likely impact the confidence of a long, which in turn ruins the coordination.
> How do we know this won’t just sputter for another week or two and then end in the most anticlimactic way possible?
We don't, it could sputter on. It could go up, down, or sideways. GME could be permanently a $300 company for all we know. Trades don't deal in absolutes, but rather probabilities.