As the squeeze tightens over the next week or so, it will important to monitor how much investors, especially institutional investors, will have to pay to buy back the shares. If the price keeps going or even holds steady, big funds may have to draw down on long positions in other stocks to cover their shorts if they don't have available cash. This could potentially provoke a sell-off on the market.
For me personally, I'm going to look at trimming some of my bigger positions on other stocks in advance of this to reduce this. This will also create a larger cash position to buy stocks at a discount if they drop.
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