‘Big Short’ Michael Burry Shorts the AI Trade
Was Wednesday’s poor market performance a warning of things to come?
Short Basket Update
Another leg lower for momentum, high beta tech (part of my short basket).
I am sticking with the remainder of the basket even though some of the drops have been dramatic:
Today’s Selected Price Changes in Short Basket
* SNDK ($SNDK) -$255
* CAT ($CAT) -$58
* CRWV ($CRWV) -$15
* INTC ($INTC) -$11
* MU ($MU) -$98
Position: Short Basket
Make or Break Day for Brokers, Danger on Chart, Mag 7 Down
Here’s why good economic data is weighing down stocks, Russell’s rebalancing will make winners and losers and the chart looks … perilous.
The Market Has No Memory From Day to Day
The problem with shorting (or buying indices) late in the day or in the evening — as I often do — is that the fate of the general market’s opening is determined by the overall movement memory stocks.
And to predict/guess the opening price of $MU, $SNDK, $AMAT, $AMD, $INTC is a “fool’s errand.”
The market has no memory from day to day.
Position: None
Should U.S. Investors Buy Into a Wall Street Listing for SK Hynix?
The market-share leader in High Bandwidth Memory chips is preparing the largest-ever listing on Wall Street for an Asian company. Is it a buy?
Micron’s Mega Move; Banks’ Clean Bill of Health; Wendy’s … Wow!
Micron blows away expectations, boosting storage trade; banks pass stress test, Lockheed locks up defense deal and, wow, Wendy’s!
Why Booming Chip Demand May Not Be Great News for the Stock Market
Micron surpassed elevated expectations, but the Mag 7 is paying a price.
Is This Just the Latest Example of Algorithmic Overshoot?
Let’s get real about South Korea’s wild market swings, a new ADR listing, oil’s decline, the DJIA, and what I’m seeing from the S&P 500.
Things I Did Today
Here are today’s things:
* Covered 1/2 of my $SPCX short at $153.85.
* Covered brokerage shorts in $MS at $222.51 and $GS at $1,080.90.
* Covered tech shorts: $DRAM at $70.26, $SNDK at $2,051 and $MU at $1,099.
* Covered $IWM short at $293.33.
* Added to cannabis longs: $MSOS at $4.50, $GTBIF at $7.28, $TRLV at $8.55 and $VRNOD at $5.29.
Position: Long MSOS (L), GTBIF (S), TRLV (S), VRNOD (S); Short SPCX (VS)