November was a rollercoaster month. We managed to call the most volatile week and specifically warned against turning bullish after NVDA235.07 earnings. The following day we saw a sharp reversal and again warned against turning bearish right after that move. Now we are only about 1% away from ATH.
Futs are lower overnight following a strong week of rebound. Bond yields are higher across the globe after the BoJ governor said the BoJ will thoroughly discuss the possibility of a rate hike at its coming meeting, boosting expectations that tightening could resume this year. Most are blaming this for the overnight weakness. BxC dived following this and is now trading around 86k. (As per platform rules, we cannot comment on BxC here and any charts related to it were auto deleted. All comments related to BxC will be posted on X: https://x.com/RealSean_G.) Trump said on Sunday that he has decided on his pick for the next Fed chair after making clear he expects his nominee to deliver interest rate cuts. Metals continue to outperform, with Copper and Silver making new highs. I remain bullish on this complex and reiterate that we should see GC1!4,191.529 = 5000 by the end of 2026.