Pre Market Thoughts - 29 Jul 26 Yields lower from yesterday as we approach FOMC day. Predatory price action seen on the Asia open. Post $0660 earnings where it was a miss, markets initially took a gap down with $0660 trading to 1.4m KRW levels, this proved to be a head fake as it then recovered losses to 1.6m KRW levels - triggering a sympathy rally across names in the US overnight session. However, this proved to be short-lived as $0660 then went for the 1.2m KRW support levels, with MU trading to 750s and SNDK briefly touching below 1000 levels. However, post that support touch, $0660 has recovered to 1.4m KRW levels. KOSPI closed today being down 6% vs -12% at the bottom and NKY down 1.5% Meanwhile in China and HK markets - the mood was decidedly different. CXMT is up 10% for the day, Yesterday, i made a call for the local bottom and overnight markets at one point have puked past it. Whilst personally i still believe that this is the local bottom, on the trading front, i am going to reduce unplanned trades and only take trades that i planned thoroughly for. My core holdings are also unchanged. On the levels i like 0660 - 1.2m KRW <- nearly got to my bids but the market reversed too fast SKHY - $100 NBIS - $145 <- added some yesterday at 165-170s area The reason for this is that as markets approach what i think is a bottoming zone (this is possibly also the most violent pa zone), i do not want to get swayed by my short term trades and miss out or not be positioned for my longer term plays. I recognise that i am not immune to emotions and hence this is probably the easiest way for me to stick to my plans. Going into FOMC and MSFT earnings - today is a packed day for semis. Given that Warsh is relatively new and markets are uncertain about his style, i would avoid overindexing on any initial market moves. Into MSFT earnings, what i would look out for are hints on capex cadence as well as the ROIC on MSFT's capex spending thus far. Good luck!(degentrading)