1.2 million Korean investors were hit with margin calls in a single market crash.
That's roughly 1 in every 30 working-age adults in the country. As the KOSPI plunged 8.95%—its third-worst session since Lehman—more than 1.2 million leveraged retail accounts triggered margin calls. Around 320,000–360,000 accounts were fully liquidated, with some investors left owing money even after their positions were sold. The damage was brutal: SK Hynix: -15.4% (largest daily drop on record) Samsung: -10.7% Meanwhile, retail brokerage cash balances have fallen by ₩30 trillion to their lowest level since February. And here's the key point: forced-selling data lags by two days. The full impact of Monday's liquidation wave has **not even appeared in the official figures yet. Source: Bull Theory
The diesel market is sending a warning that the oil market isn't.
Diesel crack spreads jumped another ~9% today, extending an already powerful rally. Why does it matter? Crude oil can be influenced by headlines, geopolitics and strategic reserves. Diesel reflects the real economy. It powers trucks, trains, ships, construction equipment and mining operations. When diesel crack spreads rise, refiners are signaling that distillate demand is outpacing supply. In other words, the market for one of the world's most important industrial fuels remains exceptionally tight. You can suppress the price of crude for a while. But it's much harder to hide what's happening in the fuel that keeps the global economy moving. Source: Lukas Ekwueme
SK Hynix has now plunged 40% from its all-time high just a few weeks ago
Source: zerohedge
Healthcare Stocks just formed a Golden Cross for the first time since October 2025
The last one sent prices higher by 10% over the next 10 weeks Source: Barchart
Single Stock Volatility relative to the CBOE Volatility Index $VIX has reached its largest gap in history
Source: Bloomberg, Barchart
To put things into perspective: The Nasdaq 100 is currently trading at ~23x NTM P/E
which is broadly inline with its 10y average multiple and towards the lower end of its 3-4y range, Goldman says, Source: HolgerZ, Bloomberg
Of the 20 top performing stocks in the first half (nearly all tech), only two are up so far in Q3, and the average QTD decline is 17%.
Source: Bespoke @bespokeinvest
Someone just filed for a Nasdaq 100 and S&P 500 that owns everyone EXCEPT Elon Musk owned companies.
Source: Evan on X
