The short sellers are probably about to pop champagne early—$GOOGL has been sliding down from the highs with consecutive declines, just handing panic a step down. On the futures side, the proactive buy volume surged several orders of magnitude within seven hours: the buy volume topped sell volume by more than three times, and nearly 80% of the成交 was hard-churned through. Positions built up by almost 20% in a single day; big accounts were 90% long and still adding on top, while the fee rate was stuck flat on the floor and wouldn’t move at all. The more I look at this tape, the more it feels like a whale is crouching in a spot to scoop up shares—those coming in to short are effectively delivering pillows to traders buying at lower levels.