Stocks And Precious Metals Charts - Remarkable Complacency

By Jesse of Jesse's Cafe Americain

Wednesday, December 24, 2025 4:30 PM EST

VIX, the measure of potential market volatility and thereby 'risk', has fallen to its lowest level of the year.

This is remarkable complacency, in a boiling morass of potential exogenous events including the expansion of existing wars to other fronts.

Fear of Missing Out, FOMO, is a powerful factor of the greed that extinguishes fear.

If the market went up today, despite all these problems, it can certainly go up tomorrow.

And so we go into Christmas.

The tech heavy Nasdaq 100, which has been the lead sled dog for this latest phase of the tech bubble, is failing to make a new high, in a sharp divergence from the SP 500.

Gold and silver continued powering higher.

Their breakouts, from a long period of artificial price suppression, is uncoiling decades of mispricing.

The Dollar is hanging on the 97 handle. A look at the long term DXY chart does not suggest that this is so far out of bounds as to be hard to rationalize.

(Click on image to enlarge)