Image Source: Pixabay
 

If you want a sense where the equity market is at, look no further than this week’s entire IPO roster.
 

No products. No innovation. Certainly, no revenues or profits. Just blind speculation. Enough said.

I’m glad I got a late start this morning, since I avoided high-fiving anyone about the big dip in the /NQ. The moment the bell rang, whoosh, up it flew. As of this composition, the ES, NQ, and YM are all green. Mercifully, my entirely short portfolio is doing well today. One of my all-short portfolios has 15 positions, and 14 of them are down. Huzzah!
 

The Russell futures have a failed bullish breakout on their hands, and they are wobbling around the neckline of the failed pattern.
 

My “trade of the year” continues to be trade-of-the-year-ish. Palladium has been nothing short of a sensation. It was flatlining a few weeks back, but since then it has been a rocketship.
 

Gold, silver, and palladium are all up right now, but it looks like gold is hitting some short-term turbulence.
 

I’m also pleased to see bonds, by way of /ZB futures, taking a tumble. This is a big position for me, since I am short TLT in size and long June TLT puts.
 

I’ll close by saying, once again, that the explosive move in precious metals means something big, but I just don’t know what it could be. The debasement trade is flourishing, and as the silver (SLV) chart shows below, good, classical charting techniques provided the “all clear to buy” signal a long time ago.
 

Oh, and as for my snarky Bitcoin post yesterday, I got EXACTLY the same shopworn reply these crypto freaks offer every single time. Allow me to offer my assurances that this dude didn’t buy BTC in 2011. I look forward to BTC crumbling further next year.
 

If anyone ever tells you "Bitcoin is digital gold": pic.twitter.com/jaYLdXDKUt

— Slope of Hope (@SlopeOfHope) December 22, 2025

More By This Author: