TME leads us off.
Extreme markets
Extreme moves across the board. SPX futures are printing a massive hammer, semiconductor valuations have collapsed more than 40%, Korean memory stocks have been crushed and sentiment is approaching capitulation. Meanwhile, oil is suffering its worst four-day selloff since COVID, with systematic selling pressure mounting. The tension is building: extreme positioning and sentiment are creating the conditions for violent upside reversals, even as underlying market stress remains far from resolved.
