A sharp risk-off move across US semiconductor and memory-related stocks on Tuesday (23 June) driven by an earlier selloff in Asian markets weighed heavily on the $NASDAQ 100(NDX)$ , which declined 3.3%.
Correspondingly, the Nasdaq 7x Short DLC rose around 23%, with the Nasdaq 7x Long DLC falling a similar magnitude.
As selling pressure extended to US markets, memory stocks let the meltdown, as $Micron Technology(MU)$ sank 13% ahead of its earnings release scheduled after market close on 24 June.
In line with this decline, the $Micron 3xShortSG280913(RLGW.SI)$ rose sharply by 39%, while the $Micron 3xLongSG280913(44BW.SI)$ plunged a similar magnitude.
Market attention now turns to Micron’s upcoming earnings release on 24 June post-market, which could provide a key catalyst for further price action in the memory segment.
Investors may consider the Micron 3x Long and Short DLCs as tactical instruments to express directional views both ahead of and following the announcement.
For those positioning pre-earnings, exposure can be established during SGX trading hours on 24 June. Alternatively, investors seeking to react post-release can utilise the same instruments on 25 June during SGX hours, to react ahead of the US market open.
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