mkt open 23 Jun 26

Writing a little more because of the texture of the moves thus far in the open - much to talk about.
1. Memory cratered, i expect bounces here to be kept on a lid as traders re-assess before $MU earnings tomorrow.
2. Neocloud weakness BUT $NBIS shows why it is the leader of the neoclouds with the pre mkt dip quickly eaten up to $265.... though i would expect this to fade as well if the overall mkt remains soft.
3. Memory pooling is also broadly down ~6-10% with $ALAB, $PENG, $CRDO all taking a hit.
IMO - this while this downdraft is a technical selling, the fragility in the system built up by the sheer amount of leverage makes it a volatile concoction - i would expect some range expansions.
Again, levels im looking at - 245 on $NBIS, 600 on $SMH 900 on $MU
Do not disregard that just because this is technical selling or a leverage clean out that its no biggie. Because the moves can extend further than people think. Hence why i recommended trimming leverage prior. I dont know your book so i cant in good conscience recommend you what to do. But for those who cant sleep.... well.. think about whether you want to eat well or sleep well.
good luck!