Ananke Market Morning Teaser — Fri Oct 16

Seoul bounced back after Thursday’s crash: the Kospi closed up 2.05% at 5,668.05 as bargain hunters bought the chip dip and foreigners returned as net buyers after nine sessions of selling. U.S. chips have not joined in — $SOXL$ is down about 6% this morning and $TQQQ$ about 3%, with the chip index risking an eighth straight losing session.

In Bangkok, Fed Chair Warsh praised U.S. economic strength and AI but refused to preview the October meeting; futures now price an ~85% chance the Fed holds. Broad indexes are holding on rotation into defensives and gold, which pushed past $4,192 an ounce.

Ananke’s read: the regime downshifted to a light recovery long bias, both leveraged-tech trends closed their longs this morning, the $GDX$ short is underwater, and the $USO$ long keeps running. The full model read is in the complete edition.

Does the U.S. chip slide catch Seoul’s bounce next week, or extend to a ninth session?

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