How did valuations get to such levels? The answer is: optimism-induced borrowing to create leverage.

The Dow ended 2025 at an all-time high and a 7-year low - at the same time. High in dollars. Low in gold. Since 2018, the Dow has doubled nominally while losing half its value in real terms. Perspective changes everything. Get a fresh perspective on the markets for just $11.

"Market Vane’s Bullish Consensus for Gold has never risen to 97%. It did so Tuesday night, breaking a record for this sentiment measure. The advance has gone parabolic with spot prices pushing to $5396." - Short Term Update Want to see what the waves show next for gold, silver,

Investors ruined the housing market. Eleven months ago, the February 2025 Theorist quoted The Socionomic Theory of Finance to explain that when real estate is viewed as a consumption item, prices are determined rationally by economic considerations, but when it becomes viewed

Gold & silver: just a temporary pullback - or something bigger? Back in October 2023, Elliott Wave analysis turned constructive on gold near $1,810, when roughly 90% of traders were bearish. That shift wasn’t based on headlines - it was based on wave structure and sentiment.

Americans own more stocks than ever: US household allocation to equities as a % of financial assets is up to a record 47.1%. This percentage has surged +16.6 points since the 2020 pandemic low. Since 2008, allocation to stocks by Americans has risen +142%. This is also 8.4

If interest rates controlled the U.S. dollar, this chart would look very different. It doesn’t. Over multiple cycles, the dollar has risen and fallen regardless of whether the Fed was hiking or cutting rates. That’s why we don’t spend time guessing what the Fed might do.

We Need to Talk About Kevin So, the waiting is over and the chosen one to be the new Federal Reserve Chairman is Kevin Warsh. Warsh has been a hawk in the past, taking a position against QE and expanding the Fed’s balance sheet for example, but the jury is out as to what

Houses are piling up.

When corporate insiders head for the exits, it's worth paying attention. In January, the insider sell/buy ratio hit 4.83 - the most lopsided reading since 2021. We've flagged similar extremes in the past. See the full context and what the trend may be pointing to next.

Speculation doesn’t vanish. It migrates. Money-losing tech stocks just made another push higher - even while the broader tech leaders did not. The Goldman Sachs Non-Profitable Tech Index is still down 49% from it's peak, but the index of “Straight Up Losers” is highly

Job openings have collapsed since 2022. The S&P 500 has nearly doubled. This is not normal. We saw similar divergences before 2008 and 2020 - only this one has been building for 4 years.

Global debt keeps climbing. $290 billion in 1960 ➡️ $38.5 trillion today "The path is unsustainable..." See how this fits into the larger market outlook: ow.ly/gHqr50YcSzy

A BlackRock private-credit fund just disclosed a 19% drop in investment value - and the stock is now near its 2020 lows. Health of the private equity industry is questionable at best. Get free, objective insights in Wave Break - and learn how to navigate what’s next with

Junk bonds are riskless! At least, that's what the market thinks. The spread between yields on junk bonds and Treasury bonds has fallen to the lowest level since 2007, which was at the pinnacle of a financial mania that led immediately to a plunge in stock prices and housing

When you measure stocks in real money, the picture is brutal: • U.S. stocks: ~75% decline since 1999 • European stocks: nearly 88% down since 2000 Want to see what's next for stocks? Read Robert Prechter's January Theorist - Free: ow.ly/RiVc50YfpmW

🚨 Investor sentiment flashes a warning When consumer staples outperform discretionary, history shows investors are moving into risk-off mode. Here’s what happened the last two times: • Nov 2021 – Oct 2022: Nasdaq −38% • Feb 2025 – Apr 2025: S&P 500 −21% Get free market

🚨 Promise > profits. Unprofitable Russell 2000 stocks (40%+ of the index) are up 36% in 2025 - more than double the index’s 17% gain. Our Financial Forecast breaks down the implications for investors and traders: ow.ly/p8kJ50Yhg88

We have reported that margin debt at brokerage firms and the ratio of margin debt to cash reserves in brokerage accounts are both at all-time highs. Borrowing money via repurchase-agreements (repos) to gamble in financial markets has been increasing rapidly, too. As you can see