Jul 28, 2026: ProShares Ultra SK Hynix dug a -$1,108 hole

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

The SKHU mistake

I worked SKHU (ProShares Ultra SK Hynix) — the 2x leveraged fund that tracks SK Hynix. I was in around $12.88 and out around $12.24 across 12 prints on 1,300 shares, for a -$1,302 hit. The leveraged products giveth and taketh; when the underlying chops, they just bleed. 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.

FIRY: the day's bright spot

I worked FIRY (Firy Inc), in around $12.50 and out around $13.27 across 2 prints on 400 shares, for a +$308 win.

SKHZ bit me

I worked SKHZ (1x Short SK Hynix ETF) — the inverse SK Hynix ETF that pays off when the stock falls. I was in around $16.00 and out around $15.62 across 2 prints on 300 shares, for a -$114 hit. The leveraged products giveth and taketh; when the underlying chops, they just bleed.

Add it up and it was a -$1,108 day. That puts my running total for this stretch at -$1,017. 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 →