The author argues a short squeeze is brewing in SPY because the put/call ratio has stayed above 1.2 for several days, a bond buyback was announced yesterday, and a $5k stimulus was announced today. These catalysts are framed as forcing bearish positioning to unwind, pushing SPY higher. The author discloses holding 111 OTM SPY calls and admits to coping, implying the main risk is that the squeeze thesis fails.