So many were worried about Nike (NKE) and China that the short position might have gotten insanely big.
That plus the fact that there's been a bull market in health, wellness and athletic apparel that is stampeding ahead after hours.
The question then becomes, OK, what will follow Nike? Will it be narrow: Fitbit (FIT), Under Armour (UA), Foot Locker (FL)? (Finish Line, FINL, reports tomorrow.) Or will it be broad and include companies ranging from VF Corp. (VFC) and PVH (PVH) to Apple (AAPL), Starbucks (SBUX) and even Yum (YUM) because maybe, just maybe, the Chinese consumer is doing a little better now that the stock market has calmed down? (Under Armour is part of TheStreet's Growth Seeker portfolio. Foot Locker and VF Corp. are part of the Trifecta Stocks portfolio. Apple and Starbucks are part of the Action Alerts PLUS portfolio.)
Either way, some gloom's been busted, and unlike so many other times when we have seen after-hours gains turned into trading losses by the opening, this move is too big and there are too many shorts to have it repealed.
Maybe this one will matter.