FOMO check: Everyone's saying "IREN has bottomed, load up."
→ June peak $70.71, now $17.76: down 74.9%, needs +298% to get back
→ Down 8.8% today, heading for its lowest close in 52 weeks
→ Calls: ~$1.3M sold vs. ~$0.7M bought; the biggest print was a ~$480K put buy
I think Fed's Daly saying rates "need to go higher" is turning the tide on these debt-fueled growth names.
Worst case: if the $17.16 low breaks, everyone calling "this is the bottom" ends up underwater; I've got that level noted.
#Stocks #AI
Watching: $IREN $NVDA $QQQ
→ June peak $70.71, now $17.76: down 74.9%, needs +298% to get back
→ Down 8.8% today, heading for its lowest close in 52 weeks
→ Calls: ~$1.3M sold vs. ~$0.7M bought; the biggest print was a ~$480K put buy
I think Fed's Daly saying rates "need to go higher" is turning the tide on these debt-fueled growth names.
Worst case: if the $17.16 low breaks, everyone calling "this is the bottom" ends up underwater; I've got that level noted.
#Stocks #AI
Watching: $IREN $NVDA $QQQ
