SOXL triples long semiconductors—anyone who dares to chase higher prices at this level is basically a fool propping up the existing supply of shares. Near the spot market, large orders have had nearly five windows of net inflow returning to zero; even big money can’t even be bothered to make tentative entries. This whole move is nothing but existing holders self-hyping. In big-holder accounts, 84% are bullish, and 78% of positions are still being added to—but on the spot side, you can’t see a single bit of incremental demand. People who are fully loaded can only keep going by using their peers’ money to survive.