Specs were already net short the Nasdaq at a 1-year extreme before Tuesday's crash.

Found this digging around in the COT data. Going into Tuesday (KOSPI −9.99%, MU −13%, SK Hynix −12.5%) the big speculators were already net short Nasdaq futures at the 5th percentile of the past year. They'd been short for like two months while the index kept making highs.

Funny part: the same crowd was also net short VIX, basically betting on calm. So they got the direction right and the vol completely wrong. Short the index and short the insurance at the same time.

Insiders were trimming too. NVDA had 5 insiders sell $40M on a single day (6/17), including Huang and the CFO, though that's probably just a scheduled 10b5-1 thing.

Anyway the move wasn't even a Micron miss, MU reported the next day. It was the Korea selloff plus the Fed flipping to a hike signal on the 17th.