SNDK/short
NAND prices missed expectations, cutting Sandisk's revenue outlook and removing the core bull catalyst.
NAND pricing also came in below expectations yesterday, which is bearish for Sandisk.
Peak+0.0%
Three trades from @au_xbt's July semiconductor rotation: short SNDK on NAND pricing miss, short MU on Burry + institutional selling pressure, long SKHX ahead of its US ADR listing catalyst. Broad SMH short dropped as redundant to the single-name shorts.
originalNAND pricing also came in below expectations yesterday, which is bearish for Sandisk.
Michael Burry is short MU, and I think large institutions may continue shorting semiconductor names and pushing negative headlines over the next few days.
I also plan to accumulate SK hynix on dips ahead of the SK hynix ADR listing.
Treasuries, credit markets, and gold are all pointing to a risk on environment.