Leveraged ETFs amplify daily moves so heavy volume usually signals aggressive short term speculation.
Retail investors are piling into leveraged semiconductor ETFs at an unprecedented pace:
Combined daily trading volume in the 3x leveraged short semiconductor ETF, $SOXS, and the 3x leveraged long semiconductor ETF, $SOXL, has surged to ~330 million shares, the highest in at… pic.twitter.com/6tRnn4VtO4
— The Kobeissi Letter (@KobeissiLetter) April 30, 2026
THIS IS UNBELIEVABLE.
SanDisk just hit another all time high and is now up almost 4,000% in the last 1 year.
If you invested $50,000 in $SNDK last year, you would be sitting on $2,000,000 today.
SanDisk makes NAND flash memory chips and SSDs for AI data centers.
Every AI data… pic.twitter.com/fc8mUH3frq
— Bull Theory (@BullTheoryio) May 1, 2026
Fresh ATHs, earnings are great, AI is back, baby!
The honest read is darker
PCE accelerated 70bp in a single month
GDP missed
Oil hit a 4yr high
None of that is consistent with $SPX at ATH with VIX <17
Especially when April’s historic rally exhausted short-covering and systematic re-risking
The standard explanation is “earnings” and with 86% beats, it’s hard to dismiss
But every incremental leg higher here requires fresh bullish catalysts when the macro tape is sending hostile signals
A month ago, this rally had a structural buyer. Today it doesn’t
Short-term the asymmetry is now to the downside – not because anything has to break, but because the market is getting to the point where it will run out of marginal buyers
Fresh ATHs, earnings are great, AI is back, baby!
The honest read is darker
PCE accelerated 70bp in a single month
GDP missed
Oil hit a 4yr highNone of that is consistent with $SPX at ATH with VIX <17
Especially when April's historic rally exhausted short-covering and…
— Simon Ree (@simon_ree) May 1, 2026