#CXMTDrops7.7%AtOpen 🧐
CXMT Drops 7.7 Percent at Open as Second Day Becomes Real Test ✨
ChangXin Memory Technologies CXMT opened 7.7 percent lower on second trading day falling to 45.22 yuan after closing debut at 49 yuan. Stock had surged 465.82 percent on Monday reaching peak of 55.03 yuan before settling at 49 yuan with market cap exceeding 3.2 trillion yuan. Single day turnover of over 141 billion yuan set A share record.
The Opening Low Is Key Signal
🔹 Gap down opening confirms what yesterday wild session already hinted at first wave of profit taking has arrived
🔹 Stock opened at 49.50 yuan plunged 23 percent to 38.11 yuan within 30 minutes rebounded to 55 yuan and closed at 49 yuan
🔹 66.4 percent turnover ratio meant over 60 percent of tradable shares changed hands in fierce battle between profit takers and dip buyers
🔹 7.7 percent gap down is clearest signal yet that post IPO euphoria is cooling Gate Square analysts noted this is normal correction after massive gains not fundamental reversal
Perpetual Market Shows Bearish Positioning
🔹 On perpetual contract markets where CXMT trades short positions are dominating
🔹 Funding rate turned negative at 0.5887 percent per hour meaning short positions are paying longs to maintain positions
🔹 Mark price sits at roughly 6.72 dollars discount of 6.6 percent to oracle price of 7.19 dollars
What to Watch
🔹 Key question is whether dip buyers from yesterday session are willing to hold through pullback
🔹 7.7 percent gap down is market way of testing that conviction
🔹 For now data suggests correction not collapse Day two is shaping up to be real test
NFA ✔️ DYOR 🔎

#加密市场观察 FOMC July meeting preview: Are rate hikes near or far away?
The Federal Reserve will hold an FOMC meeting on July 28 and 29 in the Eastern Time zone of the U.S., and the interest rate decision will land at 2:00 a.m. Beijing time on July 30. Affected by recent turmoil in the Middle East, the risk of an inflation rebound has risen somewhat, which may also make this policy meeting a key focus for funds this week.
First segment: Market outlook expectations — referencing CME Fed Watch data
FedWatch is a free tool launched by the CME Group. By relying on trading data of interest rate futures, it calculates the probabilities of interest rate changes. Through observation of this data, we can often understand how market funds are betting on the Fed’s interest rate direction.
CME FedWatch July rate-hike probability: Currently, the U.S. federal funds rate remains in the 3.5%-3.75% range. Based on today’s market pricing, the probability that this meeting will raise the rate to 3.75%-4% (a 25bp hike) is 37.9%, and market expectations for a rate hike are still edging higher.
Second segment: The biggest change! The interpretation logic in the Waller and Powell era is completely different
During the tenure of former Chair Powell, he was accustomed to releasing guided signals and was willing to hint to the market, so people could infer a rough timetable for where rates might go in the future.
But after the new Chair Waller took office, the way he communicates has changed noticeably: he deliberately stays cautious, refuses to give advance projections about the future path of interest rates, and is also unwilling to clearly map out a rate path. Overall, policy adjustments follow economic data flexibly. Therefore, in Waller’s remarks at the July meeting press conference, we should no longer try to pick apart hints such as “in which month rate cuts will happen, in which month rate hikes will happen, and how rates will move in the future.” Instead, we should focus on the following directions: ① How Waller assesses current inflation pressures; ② His view on the current U.S. employment situation and economic resilience; ③ His thinking about future Fed reform and the progress so far. A rundown of Waller’s recently stated public views (July 15 — Senate hearing):
"I’m not satisfied with any inflation indicator."
"The labor market looks quite good, but inflation is not so optimistic."
"We will review our tools, including the balance sheet and interest rates, to see whether adjustments are needed to address inflation."
"The fact that the inflation rate has been consistently above the 2% target over the past five years is itself the Fed’s failure to do its job, and we must maintain zero tolerance for persistently high inflation."
"Tools to curb inflation include interest rate tools, and we have the ability to do this."……
Third segment: Pin down inflation — the U.S. June PCE data
PCE is the Fed’s core inflation gauge. The latest data for this round will be released at the same time on the evening of the 30th. Another inflation observation indicator, June CPI, has already shown a downward trend due to prior adjustments in oil prices. U.S. June core PCE price index month-over-month: previous 0.3% forecast 0.2% actual ? (to be released at 20:30 on July 30)