SOXS punched through the 50 mark all day, with a 24-hour gain of 7.4%. The current price is 49.64, sitting just under the day’s high at 50.05. It’s definitely rising, but that wall of sell orders above is thicker than I expected.
For the contract, open interest stacked up 17% in seven hours; notional value is up over 23%, and active executed buy orders make up 54%—new money is adding leverage and rushing in to go long. But the big players are doing the opposite: only 21.9% of positions are long, while about 80% is concentrated in shorts. Over the past seven hours, the share of long accounts was cut by 16.5%. The higher the price goes, the more big money retreats.
The spot order book is also honest: in the 20-level view, the sell-side is more than 30% thicker than the buy-side. If the 50 level can’t be cleared on this attempt, all this newly leveraged capital that chased in will have to turn into fuel. Fees are still zero; shorts haven’t been squeezed yet. If we ever see a day of retracement, this leveraged long will be the first to get liquidated.
So my stance is clear: I’m going short SOXS. It all comes down to whether 50 can hold. If it can’t, the money that’s chasing higher will exit faster than anyone. The risk is that the 3x leverage gets emotionally punched through the previous high, pushing up toward 51 and squeezing shorts.
As long as volume expands and it holds steady above 50.05, and the big players’ long share stops falling and starts to rebound, I’ll admit I’m wrong and flip sides—I won’t stubbornly hold on.
#soxs $SOXS
For the contract, open interest stacked up 17% in seven hours; notional value is up over 23%, and active executed buy orders make up 54%—new money is adding leverage and rushing in to go long. But the big players are doing the opposite: only 21.9% of positions are long, while about 80% is concentrated in shorts. Over the past seven hours, the share of long accounts was cut by 16.5%. The higher the price goes, the more big money retreats.
The spot order book is also honest: in the 20-level view, the sell-side is more than 30% thicker than the buy-side. If the 50 level can’t be cleared on this attempt, all this newly leveraged capital that chased in will have to turn into fuel. Fees are still zero; shorts haven’t been squeezed yet. If we ever see a day of retracement, this leveraged long will be the first to get liquidated.
So my stance is clear: I’m going short SOXS. It all comes down to whether 50 can hold. If it can’t, the money that’s chasing higher will exit faster than anyone. The risk is that the 3x leverage gets emotionally punched through the previous high, pushing up toward 51 and squeezing shorts.
As long as volume expands and it holds steady above 50.05, and the big players’ long share stops falling and starts to rebound, I’ll admit I’m wrong and flip sides—I won’t stubbornly hold on.
#soxs $SOXS
