UBS Prop: Short Squeeze Rally Has Gone Too Far, Time To Start Selling

It's not just Goldman that is shorting the current "junk rally": this morning UBS prop trader Rebecca Cheong joined the bearish chorus (her note available to pro subs) and writes that despite the recent violent short squeeze (UBXXSHRT +43%), the Swiss bank's proprietary 4M Intraday Recovery Score (an index of discretionary, or unforced, risk appetite) kept falling until it turned neutral on Jun 18.