Pre Market Thoughts - 17 Aug 26 Korean markets are closed today for Liberation day. Meanwhile NKY is up about 0.75%. Memory has performed strongly today with $285A up 15%. It is at 62k JPY right now. After the buyback was announced, $285A dropped to 41k JPY lows. I made the call to get in on that retracement. It is almost 50% up. The best time to buy is exactly when it is scary. Consequently, the worst time to buy is when it feels so safe. As a retail investor, you have no business being short. The R/R of a long is infinitely higher than the R/R of a short. If you timed the $285A short to the picotop, congrats, you made less than 50%. Less than how much someone buy it at 41K JPY would have made. Even L/S funds have huge attrition in their managers blowing up the books on a daily basis. Are you smarter than them? More disciplined than them? No? Then sit tight and be a good retail investor. Finance is a good mistress as long as you stick to your lane. In pre market trading, SNDK has continued its ascent up, it is up about 6% for the day. On friday, i mentioned in the chat that 21 Aug 1800/2000 C/S were good value at a 10x payout. For the most conservative ones, it is good idea to take out 1/3 of the position and free roll the rest. In a separate note today, i identified the most critical flow that will make this the most hated rally ever. Structured products sold by Asian PBs have reached about 300B in notional. This represents massive hedging flows into the market and is responsible for the collapse in IVs (below historical realised vols). The hedging mechanics, you can read it up in the article. But suffice to say, dealers need to chase on rallies. Hedge funds are also at the lowest gross and net exposures over the last 2 years from GS prime data. This is the spot where i think funds are currently surprised by the velocity of the rally. Some may have turned short. Soon, they will capitulate and buy higher. In neoclouds, NBIS continues leading. Short interest in this name has NOT dropped. It is at 28%, i expect this rally to continue off just mechanical stop outs. Fundamentally, neoclouds are getting better understood and people are waking up to the compute shortage. Repeat after me NEOCLOUD SUMMER. Again, on http://terminal.gambit.zone - there is compute data, memory data. If you were looking at these data, you would have came to the same conclusions as me. Information is key. All of this is provided for free now. If you found my market color helpful - drop me a follow. Let me know in the comments what other stuff you would like me to discuss. Or what data you would like to see on the terminal! Good luck!(degentrading)