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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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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