Who's Left To Sell Korea?
After The Washout
Korea has gone from one of the market's most crowded AI trades to one of its most aggressively unwound. The bearish thesis we've outlined over recent weeks has largely played out, with leverage, positioning and sentiment all undergoing a dramatic reset. While calling exact bottoms is always dangerous, the risk-reward is beginning to shift as technicals, positioning and volatility all approach important inflection points.