Market thoughts - 2 Jul 26

Momentum factor continues to be sold off into an uneasy market. In neos, $IREN, $CIFR currently leads the decline. Memory as the ultimate momentum factor was not spared with $MU cracking below 1000. Reminiscent of the $MU price action post its previous earnings.
$META has also walked back some of its prior gains as the market poured cold water over its plan and rationalised out what $META was really doing.
For these kinds of positioning unwinds, the move tends to be strong and quick. I do not trust my own ability to time the pico bottom. Again, this is why i strongly encourage people to do their own research. Because only then would you have the conviction to bid and to hold onto your positions in the face of an escalating mark to market.
Also, while i have used $NEBX - please remember that these instruments are terrible for holding and should only be used for a few days. Otherwise you will get volatility decay.
Next, in situations like this. Make sure you have the ability to tank the drawdowns and ride through it. Drawdowns are part and parcel of trading.
Positioning unwinds are brutal when they happen but they often gift the best opportunities for exposure.
Good luck!