$MU $SKHY

My direction tonight is very clear:
Micron and Hynix are biased bearish intraday—I won’t chase a rebound.
Yesterday, Micron was up 12.2% and the Philly Semi was up 5.2%, but today premarket quickly turned weaker: Nasdaq futures are about -0.9%, suggesting that money is still locking in profits from the AI storage rebound.
Hynix is up around 8% at one point in the Korean market today, but US ADRs are facing disagreement at high levels—if Micron tonight can’t quickly recapture its premarket losses, I’m more inclined to judge that a second pullback has started rather than a main uptrend launching.
Action: don’t chase the rebound; I’ve already trimmed profit positions on the highs. Wait for the second pullback to not make new lows, then consider adding back.
A real reversal isn’t a 12% gain in one day, but the ability to get hit the second time and still hold.