Is South Korea really cleaning up leverage? You need to look at Micron tonight.


Last Friday, the Korean market didn’t open; today’s drop is being treated as catch-up selling for last Friday.
If tonight, Micron can hold up, it means the market accepts that the decline in Korean stocks is a leverage and market structure issue. If Micron continues to stay down, then it’s storage-cycle liquidation.
As for why it’s Micron: because Micron has no leverage, and Micron has liquidity.
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