Pre market thoughts 20 Oct 26 Yields about 2bps higher across the session. In Asia trading, KOSPI was hit hard, being down about 4.3% while NKY is down about 1.3%. This is off the back of a rather sanguine US session last night. Memory stocks like $00660 were hit quite hard, being down 4.8%. SNDK was also punished in overnight trading while MU also is weighted down. MU strikes are also another factor potentially for the weight on the stock. In US session, some notable moves yesterday was META fading the entire rip pre market into the open. This may be a sign of nerves ahead of earnings. Neoclouds as a sector remain ground zero for fear. CRWV fears are getting amplified, however some savvy shops are fanning the flames and selling CDS on the back of it. Overall, what happened on Monday was a mild reversal of Friday's moves with a tech rebound and defensives being punished. However, what we saw on Friday had the look of a cross sector contagion/unwind. These things historically have taken a few days to play out and i anticipate the market to further test those positions. The july lows for CRWV have already been broken and i would be looking at the breaks of these lows for NBIS, SNDK, MU and SOXL. In crypto, BTC continues to remain firm vs alts especially. The weakness of the original leaders like ZEC, VVV has mostly passed and they now trade in line with their respective betas. Instead, the weakness has migrated towards the shiny new coins that got artificially driven up. On PAPER - some changes are happening. To summarize, there will be a "on hours" and "off hours". During "on hours" with more liquidity, presumably there will be less charge on winnings because it will be much more expensive to manipulate the BBO vs "off hours" that are more illiquid. This atm will only affect positions within 6bps during on hours and 10bps within off hours. PAPER minting will also change to minting 0.1% of supply per 1M loss - this is roughly ~ 8.8 PAPER per $1 loss at current supply vs 10 PAPER per $1 loss. However instead of a convergent supply model, now PAPER will tend towards an expansionary supply model. This is obviously BAD for early minters and good for late farmers. Essentially, the meta for farming PAPER is no longer about prioritising speed. The cost of PAPER matters far more. Gambit Terminal now also allows you to trade momentum on Papertrade. (https://terminal.gambit.zone/farming/degentrade) - You can put stop orders in to take advantage of the momentum effect in crypto and also preset in take profit levels so that you do not have to be on the desk to manually tp or stop out. Stopping out is far more advantageous because getting liquidated has an additional liquidation charge. Good luck!