PANews reported on Aug. 14 that Garrett Jin, identified as the agent of the “1011 insider whale,” released a new weekly market note covering South Korean equities, gold, Bitcoin and SpaceX.
SK Hynix bounced after testing support
Jin said his team had been waiting to rebuild its position in SK Hynix after the stock pulled back to a key support area. It recently fell to around KRW 1.42 million, touched the second support zone of a previously identified double-bottom structure, and then rebounded quickly. On Aug. 13, the stock briefly climbed to KRW 1.634 million intraday and closed up 5.9%.
In his view, South Korean equities remain in a wide trading range rather than a new trend cycle. He said earlier short-term flows from overseas investors have not turned into long-term allocations, while pressure tied to leveraged ETFs is still affecting the market.
Gold outperformed while Bitcoin stayed range-bound
On macro assets, Jin said gold has risen more than expected, gaining 7.8% in a week and reaching a high of $4,467. He attributed the move to expectations of a weaker U.S. dollar, soft U.S. employment data and lower expectations for further rate hikes.
He also said the near-term gold trade has become crowded, and that a pullback could offer the next chance to add exposure.
Bitcoin has been relatively weak by comparison, trading around $63,600 and still boxed in by support at $62,500 and a resistance band between $65,000 and $70,000. Even so, Jin said the bottoming structure that started from $57,700 in July is still gradually forming.
SpaceX rose after unlock, but more shares are coming
On SpaceX, Jin said his team had flagged a potential buying opportunity on Aug. 6, the day locked-up shares became eligible for sale. About 911.5 million internal shares were unlocked at that time, more than doubling the public float, while roughly 35% of the float was in short positions. Market expectations had been for pressure on the stock price.
Instead, SpaceX moved higher. Jin said the stock gained about 22% over two days, added about $327 billion in market value, and moved back above its $135 IPO price. Based on the earlier alert level near $110, the gain over one week was about 35%.
He said the combination of a large-scale unlock and heavy short positioning ended up acting as a catalyst, with the market absorbing expected selling pressure in advance.
Jin added that SpaceX still faces continued unlock pressure, including about 319 million shares on Aug. 20, and an estimated 700 million shares each in September and October. In that setup, he said the area around $160 is better suited for taking profit than for chasing the move higher.