Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of PrivateBancorp (NYSE: PVTB) rose a little more than 10% on speculation at Seeking Alpha that the stock could squeeze short sellers in the not-too-distant future.

So what: Volume was up only slightly today, so if a short squeeze is in the offing, it hasn't happened yet. But a rush of redemptions is possible. Short interest rose almost 16% in the past two weeks alone -- holdings that would be flipped fast at the first whiff of a sustained rally.

Now what: I'll understand if that's cold comfort for longtime investors. Shares of PrivateBancorp are down more than 40% year to date. It'll take a lot more than a short squeeze to close that gap. Do you agree? Disagree? Please weigh in using the comments box below.

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