Here’s some Tuesday afternoon humor for you.

So the latest CFTC positioning data (out last Friday and current through last Tuesday) showed that specs (so basically, hedge funds) went all-in-er-er on bearish small-cap bets to levels last seen in September of 2014.

Specifically, specs were net short Russell 2000 minis by ~71k contracts on April 18. That marked 11 out of 12 weeks that bearish positions rose….

(BBG)

Well, that turned out to be a really – really – unfortunate bet…

But before you get too excited about the apparent short squeeze and the accompanying run up to record highs in small-caps…

… just remember what you’re buying…

(Goldman)