From the earliest days of the Internet; still my favorite Christmas video: www.youtube.com/watch?v=CcDD...

Thank you!!

Industrial metals are breaking out (upper clip). Relative strength versus precious metals, not so much (lower clip).

Aaaaaaand scene $IRBTQ last trade 18 cents

www.amazon.com/dp/B0G8QB4G5... Another peek inside:

New book just dropped on Kindle! www.amazon.com/dp/B0G8QB4G5... 66 more insightful quotes from my 60+ years on Wall Street. Mostly my own — but from Helene Meisler, Larry Williams, Doug Kass, and Dave Keller, too. Not a "reading" book...an "idea" book!

Only one member of $SMH is negative since the S&P 500’s intermediate bottom on November 20: Nvidia $NVDA

Just Published! amazon.com/dp/099136829... 66 more insightful quotes from my 60+ years on Wall Street. Mostly my own — but from Helene Meisler, Larry Williams, Doug Kass, and Dave Keller, too. Not a "reading" book...an "idea" book! (Kindle version will be available next week.)

One of the coolest charts - the past 5 years in $AZO

Best chart on planet? #SL_F #SLV

Thrust watch. Whaley 5-day thrust requires 1280 NYSE net advancers in today’s session. Zweig 10-day thrust requires 1180 today, an average of 1020 today and Monday, or 950 on average through Tuesday.

SLV on the loose.

Only Fartcoin can save me now. 🤪

the credit default swaps continue to move up and to the right CRWV ORCL

My mentor in the markets always said foreigners and dentists are the last to buy.

Another A-D Line divergence bites the dust.

3/ Gold/SPX deflected at decade-old resistance near 0.65, increasing the significance of this threshold to my way of thinking.

Today's Miller Lite stat o' the day 1.26 the number of times the entire float of Beyond Meat (393 million shares) has traded so far today. Casino open.

Around the world in relative strength. Will major non-U.S. segments confirm their nascent reversals versus SPX? #WatchingPaintDry

$GLD has 269 positive mentions on r/WSB over the past 12 hours. The next 19-most mentioned tickers have 315 positive references <combined>

The current advance is youthful if counted from April 2025 but mature if counted from Oct 2022. A near-classic sequence of breadth washout, breadth thrust, price momentum, and breadth recovery suggest that April 2025 was in fact a cyclical reset. What would negate this thesis?

Nvidia and Apple contributed 58 basis points of the 46 basis points in total return for the $SPY today

Gold seems extended but could run further, if history is any guide. The millennial-decade bull market featured three run-ups extending >62% above 200-week trend. A 62% extension currently targets 3920, plus 50 points per month to reflect rising 200wma.

Will this bull market ever end? The 3 traditional reasons: 1) Fed tightening, 2) Rampant speculation (a la 2000), and 3) A recession. The Fed ain’t gonna tighten… and speculation’s not rampant a la 2000. But #3? Well, the stock market **is** a leading economic indicator...

74% downside day at 12:10. DVOL/(UVOL+DVOL); Lowry’s definition. Data per wsj.com. See cmtassociation.org/wp-content/u... for explanation.

To fill this morning’s gaps, $SPY would have to rally to 643.14 and $QQQ to 568.54. How quickly the gaps get filled -- if at all – gives us an idea of how strong the underlying trend is.

RIP, NY Times Mini Crossword. Plenty of free alternatives out there, like www.latimes.com/games/mini-c.... #NYTimesPaywallSucks

Are Intel bonds now 10% Treasuries? Asking for a friend...

KWEB poised.

Friday was a 91.5% upside day, which we usually see towards the beginning of a move, not after an extended one. (I report; you decide.) UVOL/(UVOL+DVOL); Lowry’s definition. Data per wsj.com. See cmtassociation.org/wp-content/u... for explanation.

96% upside day at 10:30. UVOL/(UVOL+DVOL); Lowry’s definition. Data per wsj.com. See cmtassociation.org/wp-content/u... for explanation. (Link has been updated.) Can also follow @HamzeiAnalytics.

If at first you don't succeed, try, try, try again?

I am seeing some concern regarding some breadth measures. I don't follow the more esoteric things like S&P-only breadth (index-related activity makes all 500 stocks move at once), and the all NYSE issues A-D line is currently a not-yet-concerning 1427 net advances below its high.

Today’s Wordle word is a word Wordle had no use using…

Just wanted to point out that $IT was in a well-defined downtrend long before the sky fell in. To paraphrase Dave Keller: "Bad things happen to stocks in downtrends."

UST30Y, long-term perspective.

Both gaps have been filled. Phil D. Gapp (legendary technical analyst) is taking the rest of the day off.

To fill this morning’s gaps, $SPY would have to decline to 633.44 and $QQQ to 567.76. How quickly the gaps get filled -- if at all – gives us an idea of how strong the underlying trend is.

Gapology 101: The takeaway from a gap is how quickly it gets filled -- if at all. This tells us how strong the underlying trend is. (Gaps not filled quickly=strong underlying trend.) There is no law whatsoever that says long-ago gaps **must** be filled. None whatsoever.

This is a chart of the NASDAQ 100 with a relative strength line vs. the NASDAQ Composite rather than the usual S&P 500. I find it interesting that the NASDAQ 100/$QQQ, where the MAG 7 live, has been underperforming the NASDAQ Composite for three months now.

Legendary market technician Phil D. Gapp called me from his summer retreat on Nantucket to point out that Friday's big gaps in $SPY and $QQQ were both filled today.

Today was an 81% upside day. Would only be significant if we had another 80%-plus day tomorrow. UVOL/(UVOL+DVOL); Lowry’s definition. Data per wsj.com. See asymmetryobservations.com/wp-content/u... explanation. Can also follow @HamzeiAnalytics.

The brouhaha over the "wrong" employment data brings an old Armand Hammer story to mind. Long, long ago, OXY was traded on the Pacific Coast Exchange. If it sold off for no apparent reason he was known to storm into the visitors gallery and start screaming at the specialist.

2/ Geek note: In only one of these seven cases did 63-day drawdown exceed 21-day drawdown, suggesting the possibility of a brief pullback despite seasonal headwinds into October 2025.

Just thought I'd throw this out there given the brouhaha over the jobs numbers.

"Only" a 70% Downside Day at 10:30. DVOL/(UVOL+DVOL); Lowry’s definition. Data per wsj.com. See docs.cmtassociation.org/docs/2002Dow... for explanation.

$AAPL chart not looking too good after the first hour.

To fill this morning’s gaps, $SPY would have to rally to 630.77 and $QQQ to 563.87. How quickly the gaps get filled -- if at all – gives us an idea of how strong the underlying trend is.

Outside day today. (No need to watch FinTV tonight; already know everyone sold the opening.)

Lotta chatter about the negative breadth this morning. To put it into perspective, his is how things stood as of last night. Last Wednesday's high was confirmed, so the breadth "problem" is only eight days old. At least at the moment