For those wondering why premarkets are ugly…it has to do with South Korea:
- KOSPI, South Korea’s index, fell 9.9% for the worst day since March- Korean lawmakers are reportedly discussing taxes on unrealized stock gains which could also be causing people to sell- $SpaceX(SPCX.US) did a complete round trip to its opening IPO price and we don’t know how many Koreans are levered in SpaceX but it is a very popular name given $Tesla(TSLA.US) was a top 5 stock in South Korea…any volatility in SpaceX could also lead to selling across the country- KOSPI falling is hurting the memory names in the US since Samsung and SK Hynix took a pretty large dip, but you also have $Micron Tech(MU.US) earnings tomorrow so it could be people selling into the print- Finally, you have continued fears of a rate hike with BofA coming out saying we may get 3 hikes this yearHonestly, the last time this happened…people just bought the dip on KOSPI in March. Not sure if this is the time where it actually collapses or if it’s just a typical selloff after going up 95%. $Micron Tech(MU.US) earnings will likely be what decides where we go from here.Source: amit
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