1. Front page is wall to wall confessionals today. One trader's Roth IRA is down 200k on SpaceX-adjacent options, another rode semis from 19.1k to 65.8k back down to 11k on $SNDK, $MU and $STX. It's not just vibes either, Goldman's High-Beta Momentum index is down 24% month to date and Morgan Stanley's Tech Momentum gauge just posted its worst 17-day drop in 27 years of data. When the whole board is dumping loss screenshots at once it might mean the unwind's closer to done than starting, but nobody rings a bell for that, so we're watching, not calling a bottom.
2. $ASTS and $RKLB keep showing up in the loss threads, with traders pointing at an inbound share lockup expiration and SpaceX-adjacent bagholders draining the sector. One guy dumped 4,000 ASTS shares near the bottom this morning only to watch the company dilute after hours anyway. If that lockup unlock hits the way the crowd expects, there may be more pain before any real bounce.
3. $BABA's one of the only green stories on the board today, sitting at $118.91 (+1%). One trader turned $16k of August $100 calls bought at $96 into $41k scaling out at $112 and $120, now eyeing $ORCL next. Meanwhile June CPI came in cooler than expected (3.5% YoY vs 3.8% est, core flat month over month) and $SPY is still red on the day. If cool inflation can't turn this tape green, the momentum unwind may be doing more damage under the hood than the headlines show.
Aggregated and distilled by Two Sentence Traders. Not financial advice.