Tariff headlines keep tugging at SOXL, the triple-leveraged semiconductor play, and today’s -15.6% is just a repricing reaction. The funding rate has hit zero, which means all the leveraged longs who were chasing the positive rates have bailed out. Now we’ve got naked shorts and spot holders in a standoff. But look at the political circus with Trump; the real damage from tariff friction on the Philly semiconductor index is already baked into the price. If things don’t keep worsening, those shorts could find themselves caught off guard, turning into fuel for a rebound.

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