"The Tail Wags the Dog"... The Shadow of Leveraged ETFs Shaking the Stock Market

Summary

Park Se-ik compares recent market volatility to sudden squalls, attributes the sell-off to rate fears and leveraged ETF dynamics, and reviews news: Micron's strong earnings preview boosting Samsung and SK Hynix, Taiwan's retail leverage boom, Korea's MSCI developed market rejection, National Pension selling, and Mirae Asset Life delisting rumors. He recommends buying Korean securities stocks on dips, is bullish on memory chip makers, and sees KOSPI at 2,500 as cheap.

• Market sell-off driven by global rate fears and leveraged ETF rebalancing.
• Micron's strong results signal robust Q2 for Samsung and SK Hynix; memory shortage will bring huge profits.
• Korean securities stocks (Mirae Asset, Kiwoom) are attractive buys after 30-60% declines.
• KOSPI around 2,500 is undervalued and MSCI inclusion is not a necessary catalyst.
• Leveraged ETF growth creates structural volatility in Korean semiconductor names.
• National Pension selling is rebalancing and not a fundamental threat; they will buy back later.
• Taiwan retail leverage skyrockets but speaker offers no direct Taiwan trade view.