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So far in 2021 the rise in bond yields has had a high correlation to rising stock prices.
While shares of GameStop were gathering the headlines of the recent "Redditt short squeeze" another company, Academy Sports and Outdoors was also being heavily and albeit quietly shorted over the last few weeks.
The New York Stock Exchange Advance Decline line (NYAD) made a series of new highs last week, again pointing to higher stock prices over the next few weeks.