THE MORNING MOMENTUM Friday, July 10, 2026
🌅 PRE-MARKET SNAPSHOT (as of ~8:45am ET)
A much quieter day after yesterday's big chip rally — the market's mostly flat, digesting rather than extending.
Index | Change |
|---|---|
SPY | ~flat (−0.1%) |
QQQ | −0.4% |
DIA | +0.2% |
IWM | ~flat |
📰 WHAT YOU NEED TO KNOW
SK Hynix makes history on Nasdaq today. The world's second-largest memory chipmaker begins trading its ADRs today, raising $26.5B in the largest US share sale ever by a foreign company — surpassing Alibaba's $25B 2014 debut. Priced at $149/ADR, the offering was oversubscribed more than 7 times. It trades today under a provisional ticker before the permanent "SKHY" designation takes effect Monday. This is a real test of how much more appetite exists for AI-memory exposure after Thursday's huge chip rally — not yet available on Robinhood as of this morning.
Yesterday's chip rally is pausing, not extending. Nvidia (−0.7%) and Broadcom (−0.9%) are both modestly lower today, both on 2x+ normal options volume — real positioning, but to the downside this time, after Thursday's huge broad-based surge. This looks like digestion, not a reversal.
WD-40 is up as much as 15% premarket on a genuine blowout earnings beat — Q3 EPS of $2.24-2.33 crushed estimates of $1.57-1.59 (a 43%+ beat), revenue of $195.1M beat estimates by 12.8%, and the company raised full-year guidance. A clean, single-stock earnings story, not part of any broader theme.
Meta is up ~3.8% on 3.3x normal options volume — real conviction behind the move, one of today's few names showing genuine confirmed strength.
🎯 MOMENTUM PLAYS TO WATCH — Confirmed by Options Flow
META — Up ~3.8% on 3.3x normal options volume. The clearest confirmed bullish signal today.
NVDA & AVGO — Down modestly (−0.7%, −0.9%) on 2x+ normal options volume — real conviction behind yesterday's chip rally taking a breather.
MARA — Up ~2.4% on 3.5x normal options volume, continuing this week's crypto-miner strength.
TSLA — Up slightly (~0.4%) on the day, but showing 3.6x normal options volume — the highest relative options activity of any name today despite the modest price move. Worth watching for a delayed move.
📅 TODAY'S CALENDAR
SK Hynix's historic Nasdaq ADR debut is the main event. No major scheduled US economic data today — a lighter calendar to close out an eventful week.
⚡ TRADER'S NOTE
After four days of big, clean narratives (chip bounce, chip crash, geopolitical shock, chip mega-rally), today is quieter and more mixed — which is itself worth noting. The options flow points to real conviction in a handful of names (META bullish, NVDA/AVGO taking a breather) rather than one dominant story. SK Hynix's debut is the wildcard that could still move the memory/chip trade meaningfully by the close.
⚠️ DISCLAIMER
This newsletter is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Always do your own research and consult a licensed financial advisor before making investment decisions.