A strange phenomenon has been going on in the “shanzhai” rally lately: the coins that are rising the most aren’t new ones, but a batch of old coins that have already been down for nearly a year. PHA is up 20% in a day, and AXS has doubled outright. Both are veterans from the previous bull market, and in retail traders’ memories they’re full of deep losses.

PHA’s logic is a bit firmer than AXS’s; it still carries the narrative of AI computing power. AXS, on the other hand, is likely just a pure emotional correction. The first wave of this kind of rebound relies on oversold conditions and short-covering, and the second batch of buy orders hasn’t fully picked up yet. In the intraday ticks, you can clearly see that pushing prices is starting to feel difficult.

Gold and crude oil are unusually quiet today—they’re just grinding right along the moving average line. The pressure in Treasuries that had spiked this week hasn’t gained further momentum. Commodities aren’t causing trouble; as long as they don’t stir things up, capital will keep lingering in risk assets. That’s the tailwind this round of shanzhai-repair has been getting.

I’ve recorded the volume-and-price details of PHA in my manual. I’ll verify that signal again when the European session takes over. How good the setup really is will be clear by the weekend. $PHA