If We're Gonna Throw Down, Then Let's Throw Down

The market rally has yet to give up the ghost, with another soft open fumbled by bears off the jobs number. 

The Nasdaq is lagging again, but small caps continue to push higher yet, ignoring overbought readings and likely inflicting some type of near-term "pain trade."

In addition to extreme strength in the global mining/materials complex, shorts are also in a world of pain in some of long-term losers like GPRO and TWTR, as those two are squeezing. Some biotechs like JUNO are also squeezing back nicely. 

Thus, if the market is going to keep inflicting pain on shorts into next week, I would be remiss not point out a perennial loser like Fitbit, one of the most heavily-shorted stocks out there right now. As we know, FIT has destroyed tons of capital on the way down, like GPRO SHAK TWTR, despite being trendy high beta growth names for many in recent quarters. 

Now that the damage has been done, wiping out or at least silencing the vocal proponents of them, I suspect FIT over $13 into next week could easily wreak havoc on shorts getting a bit out of line down here. Of course, this is all assuming the market does not immediately rollover early next week, in which case I would place just about all new longs on hold.

But if we are going to squeeze, then let's squeeze--And FIT has as many to squeeze as any stocks in the market, as a percentage of its float.