The recent strength in U.S. stocks is more like a short squeeze triggered by falling oil prices and a decline in long-end yields, rather than a new one-way bull market. Now that 10Y has started to rise again and expectations for a second rate hike are still on the table, high-beta stocks have built up a large amount of unrealized gains. After the first half of the short-selling clampdown ends, the market is moving into a phase that is more prone to killing late-chasers. $BTC