Hi, C (Big C or "little c).
I've traded the long side of spot (can always retender) as well as the short side.
In '89, I faded the Feruzzi squeeze and pulled well into the seven figures (I was back spread well over one million bushels, with the jelly beans as spot).
I faded the Minny wheat squeeze and made a VERY pretty penny, only difference was that I only had about fifty thousand booshul of that one.
Faded belly squeezes since the early eighties and only got hurt (FAR worse than stung ... HURT) once. And, a few of the other short Auggies that I played were well over what I lost on the HURT.
The Feruzzi fade, basically, set me up for life.
So, playing spot is simply up to your risk tolerances and owie points.
If you're short during a squeeze and you're big time on the wrong side ... it could cost you a great deal of money to buy yourself out.
You pays yer money and you takes yer chances!