QQQ Whipsaw: Bull Trap or Bear Trap?
MU Earnings Triggered a Rally — But the Market Still Hasn’t Chosen a Direction
June 26, 2026
Today’s market action delivered one of the most volatile and revealing sessions we’ve seen in recent weeks.
After strong earnings from Micron (MU), semiconductor sentiment improved sharply overnight.
The immediate market reaction made sense.
MU’s results reinforced the bullish AI narrative:
AI demand remains strong
Memory pricing remains firm
Semiconductor momentum may still be intact
As expected, QQQ opened significantly higher.
But what happened next was far more interesting.