SMH

Reddit attention is surging

• SMH −2.30% on the last session vs SPY +0.10%: −2.4 pts of stock-specific move.
• Aftermath, volume spike (3.8× average volume on pace today so far): After its 3 volume spikes in the past 5 years, SMH was higher a day later 2 times out of 3. History, not a forecast.
• 11 Reddit mentions in the past 24 hours, 22% positive over the week · today's pace is 1.6× its recent daily average.
• Market backdrop (Today): Core PPI m/m 1.3% vs 0.3% expected (hotter); Core Retail Sales m/m 0.9% vs 0.6% expected (stronger); S&P futures -0.08%, 10-year yield -3bp in the 30 minutes after.
• Activity: volume on pace for 3.8× its 20-day average.