Late last winter, stocks like GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings Inc. (NYSE: AMC) helped take the insanely powerful "short squeeze" out of professional trading pits and into the hands of regular retail investors and day traders.

People who in some cases were just learning trading strategies bled multibillion-dollar hedge funds dry – spectacularly.

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Tens of billions were made on the GameStop squeeze alone; there were 800%-plus peak profits on AMC, Bed Bath and Beyond Inc. (Nasdaq: BBBY), and other "meme stocks."

So these short "super squeezes" are not just one-offs; this kind of heavy action is still going on – often in the same stocks that made headlines earlier this year.

I'm looking at two companies right now that short-sellers seem extremely focused on, but the crowd hasn't figured that out yet.

Conditions are looking good for the market's hottest trade on these two companies…

Regular Investors Are Still Winning Against Hedge Funds

Now, I've been really impressed with what I've seen from GameStop management since this spring; I think they have a world-beating team in place that should have no trouble executing on the current plan to make GameStop a major force in the $100 billion-plus global gaming market. I filled people in on the details of the turnaround back in April, and the stock has come up 42% and change since then.

So the fact that there's another short squeeze unfolding on GameStop and AMC right now is really just the cherry on top. Short-sellers began piling on in mid-May, and they've been losing big time. On just one day last week, GME shorts were down more than $754 million; they're still getting crushed.

GME shares are blasting higher, and AMC stock is, too, under a similar "super squeeze."

Now, as intense as the squeezes are on these two stocks, the way I see it, those trades are mighty crowded right now. I think, for now, it's late to jump on that bandwagon – besides, you want to be driving the bandwagon.

As I said, though, traders are flexing their muscles heavily, and these plays are all over the place if you know where to look.

Here Are Two Great-Looking Short Squeeze Stocks

S.C.A.N. is showing me some really promising trading activity in some of the lesser-known stocks like BlackBerry Ltd. (NYSE: BB) and Express Inc. (NYSE: EXPR). The activity I'm watching here suggests these are the smarter plays.

Very briefly, BlackBerry is an old, established smartphone maker that doesn't really make smartphones anymore. Management wisely took itself out of a hopeless, destructive competition with juggernauts like Apple Inc. (Nasdaq: AAPL), Samsung, and LG and into lucrative enterprise software and the "Internet of Things" (IoT) interconnected devices segments. BlackBerry took in $916 million in revenue in fiscal 2019.

Express is a retailer – one of the market's hottest sectors right now – with around 600 outlets throughout the United States, Mexico, and Central America. These folks took in $2 billion in revenue in fiscal 2019 catering to the on-fire teen and young adult clothing markets.

With just that little bit said… none of it really matters right now. These aren't buy-and-hold recommendations.

For trading what looks like an impending short "super squeeze" on these, the fundamentals really aren't important. Like I've said before, in cases like these, it's aggressive buying – and only aggressive buying – that makes all the difference.

I think a small, speculative position in either BB or EXPR shares – or both – could potentially throw off double-digit profits over the next few weeks as buyers jump in. Traders putting on the AMC and GME short squeezes saw peak profits of more than 60% and 40% last week, and that's really just the "basement"; people who traded the right options on those stocks likely did much, much better than that.

The bottom line is, everyday Americans can beat – correction, make that "are" beating – hedge fund managers and institutions at their own game. The short "super squeeze" is very much alive and well right now, and as I said, I think it's the hottest trade in the market today.