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The Morning 10

The Morning 10 Fri, Jul 10, 2026 ~90 seconds 08:00 CET

The washout confirmed, and the tape moved down the stack: SOXX's second close above 554 came with NVDA red, Micron at a trillion, and $26.5 billion of new memory paper priced at a premium overnight. SKHY trades today. The day in ten.

  1. Overnight — Korea gapped, and this time held
  2. The washout read wins the week
  3. SKHY trades today — priced above the market
  4. The architect sat out its own party
  5. Memory's three price tags
  6. Oil isn't buying the war
  7. Tuesday, everything prints at once
  8. Both sides green — the alternation may be over
  9. Four greens — first unanimous close since Monday
  10. Outside view — Gene Munster
  1. Overnight — Korea gapped, and this time held Context
    What
    The Kospi rose +4.6% and closed at its highs after SK Hynix priced its ADR above the market — no fade this time, unlike Thursday's gap-and-give-back. Japan +1.4%, Hong Kong +1.5%. Bitcoin ~63.9k and gold ~4,120 both moved away from their belief lines at 60k and 4,000 — tested, held, bounced.
    If
    the strength carries into SKHY's first prints on Nasdaq this afternoon.
    Why
    yesterday's open question was whether Korea's dip-buyers or profit-takers had the size; a close at the highs on record volume of news is the conviction answer.
    Then
    the live tape through the US session on the market-structure desk.

    Live tape · market-structure desk →

  2. The washout read wins the week Structure
    What
    SOXX rose +3.5% to 581.7 — a second consecutive close above the 554 line, and now above the level it broke down from. SMH +2.5%. What looked like a correction signal on Tuesday is, three sessions later, a completed shakeout: break, reclaim, extend.
    If
    Friday holds the level into the weekly close, with the SKHY debut as the session's stress test.
    Why
    one-day breaks that snap back and then EXTEND are the full washout signature — Monday's two-lines framework resolved bullish on both lines.
    Then
    the structure read and levels on the SOXX asset page.

    Structure Lab →

  3. SKHY trades today — priced above the market Calendar
    What
    SK Hynix priced its ADR at $149 — a 2.9% premium to Seoul's close, where large offerings normally price at a discount — raising $26.5 billion, the largest US listing by a foreign company on record, past Alibaba's 2014 mark. The ADRs start trading on Nasdaq today under SKHY.
    If
    the debut holds above the $149 offer through its first session.
    Why
    a record-size deal priced at a premium is the strongest demand answer a market can give: the marginal memory buyer didn't just show up, he paid up. Today the public tape gets to agree or disagree.
    Then
    the memory complex read on the HBM pulse.

    Memory / HBM Pulse →

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A daily overview, not advice — an investment diary. Published every trading morning at 08:00 CET. See the Daily Pulse and today’s check-in.