Also watched the market all night Let's talk about the market changes Yesterday at the open, the overall market sectors were under pressure, with tech stocks and semiconductors facing high-level suppression But in the last ten minutes, SOXX and Neocloud both saw significant rallies before earnings reports This means the market is not so fearful of this CPI So my judgment is that it meets expectations But possibly due to the current high price of CL (crude oil) FED officials may still come out and say "If the current crude oil price holds or rises, the Fed will still take action"—the usual rhetoric But this does not affect market sentiment #今晚CPI公布，9月加息定价会改写吗？

Before the SNDK earnings report, the options structure is already clearly bearish. $SNDK The call wall is concentrated around 1400-1500. The current price has dropped below 1400, directly entering a clearly negative gamma zone. At this point, market makers' hedging behavior turns into "selling puts and buying calls," which inversely amplifies volatility, making downward movement easier to accelerate. The near-month max pain is mostly around 1370, and the gamma flip is also in this range, meaning that options expiration and hedging forces themselves are pushing the price toward this level. More importantly, today's trading: a large number of call options are being closed. This is not new bullish positions but profit-taking and exposure reduction by longs. Especially before earnings, this kind of operation is almost never a strong bullish signal. The implied volatility priced post-earnings movement is about 15-16% (straddle cost), and historical actual volatility is often greater, but the directional bias is already cautious. Adding two more real confirmations: 1. Partner stock Kioxia surged at open but then directly pulled back, cooling sentiment first; 2. Wall Street expectations are clearly above company guidance (EPS consensus ≈35 vs guidance 30-33), and under high expectations, the risk of "meeting expectations but disappointing" is maximized. Negative gamma + call closing + partner pullback + overly high expectations make the bearish logic before earnings clearer. #闪迪财报前夕，HBF与存储紧缺引发热议