Jul 21, 2026: 1x Short SK Hynix ETF dug a -$347 hole

Not every morning cooperates. I worked my usual list of pre-market movers and the tape chopped me up for a loss.

The SKHZ mistake

I worked SKHZ (1x Short SK Hynix ETF) — the inverse SK Hynix ETF that pays off when the stock falls. I was in around $12.17 and out around $12.06 across 12 prints on 2,200 shares, for a -$232 hit. Leverage is a double-edged sword and today it swung at me — these daily-reset funds double the pain just as fast as the gain. Read: why a 2x fund can lose money even when your direction is right →

Every red day lately rhymes: too much size in the wrong name at the wrong time. The fix isn't a better entry, it's a smaller one.

CRNT: where it went wrong

I worked CRNT (Ceragon Networks), in around $2.34 and out around $2.28 across 12 prints on 3,200 shares, for a -$190 hit.

SSPC did the work

I worked SSPC (2x Short SPCX ETF) — a 2x short SPCX ETF. I was in around $16.93 and out around $17.04 across 5 prints on 600 shares, for a +$68 win.

Also on the tape

Smaller pieces that netted into the day: SPCH +$8.

Add it up and it was a -$347 day. That puts my running total for this stretch at +$49. I'll reset, size down, and try to give it back slower than I lost it. Read: my actual strategy, and the three places it breaks →