Money Flow – 11.11.26 KOSPI: Let’s wake up electronics and gradually push it higher. KOSDAQ: Today, we’re going to lead the charge and run ahead. Semiconductors & Battery: Will act as catalysts for KOSDAQ’s rebound. Security stocks: Rising after the Financial Security Agency was hacked. Nasdaq -0.7%, SOX -0.35% — U.S. markets took a brief pause. Micron -1.1%, SanDisk -3% — Memory stocks under pressure. But NVIDIA, due to scandal fallout, dropped further by -5.5%. Meanwhile, AMD rose 1.3%, Broadcom 3.9% — divergence within semiconductors. After-hours: CoreWeave’s cash flow concerns eased, triggering a 5% rally in after-hours trading. CPI came in higher than expected, reigniting interest rate concerns. Wallace previously suggested a 50bp hike if CPI hit 0.3% — and it did. U.S. 10-year yields rose back near 5%, oil prices fell to $86, losing war premium. With war fears easing, inflation worries are resurfacing. Domestic markets showed stark divergence: KOSPI +0.5%, KOSDAQ +4%. While writing this, I noticed KOSPI has now extended its rebound to +1.5%. KOSPI started lower but recovered to 5,300 points. KOSDAQ opened flat, then steadily climbed above its opening price. Broad-based buying via basket purchases is driving the overall market. Samsung Electronics +2.1%, SK Hynix +3.5% — both surged strongly. Both have rebounded nearly 5% from their intraday lows. KOSPI was already holding firm, but electronics propelled it to a +1.5% rebound. KOSDAQ led the rally, and now electronics have joined in. Juche Engineering +11%, HPSP +6.7%, Simtek +7.4%. Korea Circuit, in the PCB space, surged nearly 14% — even stronger. PCB stocks barely edged up in pre-market but exploded during regular trading. Semiconductors led the charge first; now memory stocks are adding momentum. KOSDAQ’s strength isn’t just from semiconductors — batteries are joining too. Additionally, batteries, biotech, and robotics are all contributing to KOSDAQ’s rise. Anlab and Geniuses rose 13–14%, continuing strong momentum in security stocks — fueled by news that the Financial Security Agency was hacked. They showed strength in pre-market, but today’s broad KOSDAQ rally amplified their move. Japan’s Nikkei rebounded +1.2%, with semiconductors outperforming the index. Tokyo Electron, Advantest, and Kioxia all rose over 3%. Kioxia climbed nearly 8% from its intraday low — high volatility. Both Korea and Japan are seeing buying interest concentrated around semiconductors. SoftBank Group fell -4%, so Japan’s AI sector isn’t uniformly excited. Today’s market feels like a ripple effect — semiconductors rise, PCBs rise, batteries and biotech follow. Strong basket buying is lifting everything together. While the number of advancing stocks isn’t that high, leading names are rebounding. When everyone floats on the water, it’s hard to tell who swims best. Chasing the strongest performers often reveals adjacent sectors surging behind. Chasing this rotation too aggressively could leave you worn out. The market’s rebound is strong today, but the ride is making us seasick. The key question: Will this rebound hold through the afternoon? It’s certainly encouraging that today’s rebound range has widened beyond the morning. I’ll patiently observe until afternoon, when leading stocks begin to emerge. I’ve lost count of how many times I’ve rewritten this money flow — honestly, I can’t stand it anymore.