---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42510937.md"
description: "10-Point Checklist for the Bottom of Semiconductor Deleveraging (Concise & Practical Version)I. Leverage & Capital Flow Signals (4 points)1. Triple-Leverage ETFs (e.g., SOXL): High-volume single-day decline but no new lows, consecutive 2-3 days of narrowing sequential redemption scale, no more passive selling at the close.2. Margin Trading / Financing Positions: Overall sector margin balance stops declining continuously, single-day net repayment amount shrinks significantly, no announcements of concentrated forced liquidations.3. CTA Momentum Funds: Semiconductor trend long positions drop to near 3-month lows, short position increase momentum exhausts.4. Foreign Capital: Consecutive large outflows from leading Korean and US memory stocks end, with periodic small-scale inflows appearing.II. Options Sentiment Signals (2 points)5. Call Option Crowdedness: Proportion of out-of-the-money call option volume continues to fall, call/put option ratio declines significantly from extreme highs.6. Market Maker Hedging Pressure: Implied Volatility (IV) no longer surges one-sidedly, panic premium in options narrows on big down days, no concentrated hedging selling pressure.III. Stock Price & Underlying Structure Signals (2 points)7. High-Beta Stocks Stop Falling: High-beta memory stocks like Micron, SK Hynix, Samsung lead in stabilizing first, with declines smaller than the overall sector, no longer leading the decline.8. Leaders Show Resilience: Core computing/memory leaders in the industry consolidate and close higher, small-cap stocks remain weak, capital begins crowding into core assets.IV. Fundamental & Sentiment Catalyst Signals (2 points)9. Good News No Longer Triggers Selling: After companies report better-than-expected earnings or industry supply-demand positive news, stock prices no longer exhibit "sell the news" behavior.10. Bad News Becomes Muted: After short-term negative industry news (demand downgrades, capacity expansion rumors) is released, the sector opens low and closes high or shows minor fluctuations, no longer triggering deep plunges. $XL2CSOPHYNIX(07709.HK)$XL2CSOPSMSN(07747.HK)$Direxion Daily Korea Bull 3x Shares ETF(KORU.US)"
datetime: "2026-07-08T10:16:45.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42510937.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42510937.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42510937.md)
author: "[嘉禾暖光学习财商](https://longbridge.com/en/profiles/17154496.md)"
---

# 10-Point Checklist for the Bottom of Semiconductor…


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