June 23, 2026

Markets:

A tech sell off that began Monday picked up steam overnight, with global markets in Asia routed as memory chip-related stocks tumbled. Nasdaq futures were pointing to a nearly 3% decline on Tuesday.

The Nasdaq Composite shed 1.3% in Monday’s session, dragged down by shares of Alphabet primarily. The selling then picked up globally with South Korea’s Kospi leading the region’s losses. Memory chip leader SK Hynix, which has led a speculative AI frenzy in the country, closed down more than 12%. The South Korea benchmark, which is up 95% this year, was down almost 10%, while Japan’s Nikkei 225 declined 3.55%, breaking eight sessions of gains.

U.S.-traded Micron Technology then followed suit in early U.S. trading, with the memory chipmaker down 7% in premarket action. Sandisk fell more than 8% while components maker Seagate Technology also shed around 7%. Intel pulled back nearly 7%, while Advanced Micro Devices and Qualcomm lost more than 6% each.

Recent IPO Cerebras will report earnings after the bell Tuesday, while Micron will report results on Wednesday after the close.

Portfolio:

Today brings nothing but opportunity with the current premarket action. We enter the session holding setups in PENG, EXT, and MXL.  

Few updates;  RXT stop adjust to 6.10 and PENG stop adjusted to $60.

Nothing like Bank of America coming out with extreme bearish predictions over South Korea right when the market needs a shakeout.

A little cleanup of the overleveraged Korean AI trade for the second time this year.

The Korean market has become heavily tied to the AI memory cycle, especially through names like SK Hynix and Samsung. When sentiment shifts, leverage gets removed quickly. That is exactly what we saw.

Thank you, BOFA, for creating another opportunity to reload ahead of what we believe will be a strong summer run.

Now the big question: does MU turn green today?

Micron has already recovered more than $40 from the lows it was trading at just an hour ago. That tells you the demand is still there, but they are not going to make it easy.

This market is designed to test patience.

Stay disciplined. Let the setups come to us. Expect volatility, but more importantly, expect opportunity.