EOD recap - 2 Jul 26

Overall huge bloodbath in momentum factors today. NDX was down 1.6% with SPX down marginally. However underneath the surface lies a huge sectoral rotation. $AAPL was up 4.64% - just to give you an idea of the sheer amount that semis had to fall to drag the index down.
Looking at momentum factors, this is probably one of the sharpest sell offs in recent history post the dotcom bubble. Momentum as a factor is down about 24% (use your own gauge)
Given that most pods are implicitly long momentum as a factor, i would expect most of them to have been carried out on this move. Either willingly or getting that risk management tap.
Going into the close, the auction was relatively orderly. The close was actually stronger than i expected as well.
Tomorrow Korea will be open. Given how memory has been decimated today with SNDK being down 14%, i think it would be interesting to see how $SKHYNIX trades.
I will be using the long weekend to do some longer format articles.
During this sell off, personally despite having alot of risk on - i dont feel shaken. Because i know my thesis and i have my conviction. Also i have a gameplan. If i am wrong, i lose money. That is only to be expected. If i am right, i should make money. While you can copy my ideas, please take the time to understand my thesis. Because only then would you have conviction as well. Otherwise, borrowed conviction is weak conviction.
Enjoy the long weekend!