With "Most Shorted" stocks squeezed by their most since 2011 (up over 6% in the last 4 days), back at 2-month highs... We thought this an appropriate analogy... Who could have seen this coming??!! When Gartment flipped bearish on Monday, we said... Translation: The Biggest Short Squeeze Of 2015 May Be Imminent At the end of the day... Stocks like European uncertainty, higher oil prices, weaker macro data, and disappointing earnings - BTFD!!! Futures markets show the realk action started when Europe opened and the SNB started buying EURs... so thank the Swiss for saving the day.. notice The Nasdaq only just managed to get back the Draghi cliff gains... 3 of the 4 days this week have been dramatic short squeezes... weith yesterday's moves smaller and saved by Draghi Oh The Magic of The 100-Day Moving Average... From Draghi's cliff yesterday, Materials and Healthcare (Biotechs) are #winning, Hombeuilders are not #winning, Energy is up small... The Dow is the outperformer on the week... Which at the moment will be the best week since Dec 2011!! Of course we have payrolls tomorrow so that will change things we suspect and it appears from VIX that more than a few were hedging ahead of it... and credit did not like it either into the close.. Perfect timing ahead of the Payrolls print, US equities have been managed back into the green for the year...Notice what happened after the last payrolls data! Treasuries reversed the post-Draghi gains also - ending up 4-7bps on the day and 15-20bps on the week... this is the biggest 4-day percentage gain in 30Y yields since Sept 2012 As an FYI - 10Y Bund yields are now back above 10Y JGB yields (however briefly) Gold and Silver slipped lower despite USD weakness, as copper and crude bounced... Copper and Gold are unchanged from the Draghi ledge, silver lower, crude notably higher... Crude surged to take out stops at $52 and faded - not helped by Saudi Aramco slashing prices to Europe and US... The US Dollar dropped notably today with only Swissy and JPY weaker against the Dollar on the week... As The SNB intervened and saved the world back to 1.1500 in EURUSD... It wasn't just bonds that were sold. The USDollar has had its worse 4 day drop since Sept 2013 as the battle between The BoJ and The SNB continues... Charts: Bloomberg Bonus Charts: Because... fun-durr-mentals