Here's my theory on the HKD short squeeze:
Some recent IPOs have tanked pretty hard (LYT for example) and shorts had been cleaning up. Even though it was a lower-priced IPO, they probably got a bit overconfident in their cocaine fog (that's what they do with their money) and assumed the same for HKD.
Once it started going up they kept doubling down and doubling down like someone in Vegas who thinks it's mathematically impossible to lose 20 straight hands of blackjack, but with millions - if not billions - of dollars. 99% of the they might be right, but when they're wrong - HKD happens.
For the record, I thought HKD was going crazy and couldn't possibly go any higher on July 22nd - when it closed in the high-$60s. Whoops. Only missed calling the top by about $2500/share, lol.
Some recent IPOs have tanked pretty hard (LYT for example) and shorts had been cleaning up. Even though it was a lower-priced IPO, they probably got a bit overconfident in their cocaine fog (that's what they do with their money) and assumed the same for HKD.
Once it started going up they kept doubling down and doubling down like someone in Vegas who thinks it's mathematically impossible to lose 20 straight hands of blackjack, but with millions - if not billions - of dollars. 99% of the they might be right, but when they're wrong - HKD happens.
For the record, I thought HKD was going crazy and couldn't possibly go any higher on July 22nd - when it closed in the high-$60s. Whoops. Only missed calling the top by about $2500/share, lol.
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