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The Market Ear

May 11, 2026

Forced To Chase

Market ReportEquitiesCommoditiesMacro Economic IndicatorsInformation Technology

The market is experiencing a positioning-driven rally characterized by extreme call demand and short squeezes, mirroring historic 'melt-up' years like 1997.

Key Takeaways

  • 1.Market dynamics are increasingly 'bubbly' as investors are forced to chase upside due to extreme short squeezes and call option demand.
  • 2.Current price action closely mirrors the 1997 market trajectory and the post-shocks rallies of 2023 and 2025.
  • 3.Rotation from Semiconductors into Software may be imminent as software positioning remains negative despite improving fundamentals.

Table of Contents

  • Forced To Chase
  • We've seen this before
  • 1997
  • Forced in
  • Attacking shorts
  • SOX mania
  • This time is different
  • Who cares about oil?
  • In AI we trust
  • Fundamental

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Authors

Joshua MeyersPrivorotsky

Securities

SPXQCOMSK HynixHPQNTAPSMCJDELLCSCD

Themes

Forced Upside ChasingAI and DRAM ManiaShort Squeeze Rotation

Regions

North AmericaAsia PacificMiddle EastUnited StatesSouth KoreaIran

Browse More

The Market EarMarket ReportSPXQCOMHPQEquitiesCommodities

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