$SOXL down to $50. Above $58 I'm wrong.
Binance's leveraged semis token is up 25.8% in 24h on $4.8B perp volume. Its 1x tracker SMH is up 5.2%. NVDA is down 2.6%. A 2x product on a 5.2% day prints 10.4%. This one printed 25.8%.
Funding sits at 0.000% per 8h and open interest is down 3% in 24h, so the move did not come from new leverage. Long/short is 3.02, and I don't know why the pair repriced. I fade the 2x.
Which comes first, $50 or $58?
Binance's leveraged semis token is up 25.8% in 24h on $4.8B perp volume. Its 1x tracker SMH is up 5.2%. NVDA is down 2.6%. A 2x product on a 5.2% day prints 10.4%. This one printed 25.8%.
Funding sits at 0.000% per 8h and open interest is down 3% in 24h, so the move did not come from new leverage. Long/short is 3.02, and I don't know why the pair repriced. I fade the 2x.
Which comes first, $50 or $58?
