"SPACE NEEDLE" - Silver Climactic Top? Mega Caps Wake Up Before Earnings

 

"SPACE NEEDLE" - Silver Climactic Top? Mega Caps Wake Up Before Earnings

🚨 SILVER - CLIMACTIC MOVE (Gary's Call)

The Action:

• Hit $106.70 today (SLV)
• Closed $98.34 on biggest volume
• "Space needle" pattern: Goes vertical, finishes near low of the spike

Gary: "Write these words down. A chance today. Silver went climactic. A chance. Not 100%."

"Climactic for us means silver. After a gargantuan move up. Hit 106.70 today... Closes at 98.34 on the biggest volume. And has what we call the little space needle."

"So a chance here. Silver. After just wow. Climactic near term. We'll keep you updated on that."

What This Means:

• "Climactic moves... they don't happen very often. The only way it could happen is if something goes just about vertical in price. And then finishes up with the space needle."
• Gary: "We've studied climactic moves... we think there's a decent chance. And probably a good chance."

💎 ALL METALS May Have Hit Wall

Also topped today:

• Palladium
• Platinum
• Gold
• Coal
• Steel
• Copper
• Mining stocks

Gary: "Which would also mean the metals in mind. We've all had a pretty good move... May have hit the wall today."

"I'm happy to see the metals in mining coming down. Just remember, you make things with copper. You make things with platinum. You make things with aluminum... Keep going up. That's inflation, kids."

📈 Market Action - Dow Reversal

• Dow: +300 (after being down almost that much)
• NASDAQ: +100 (but breadth negative - mega caps carrying it)

🚀 MEGA CAPS WAKING UP (Before Earnings)

Today's Winners:

• Apple: +$7.70 ("somebody said they're buying right before earnings")
• Meta: +$14
• Microsoft: +$4
• SAP: +$8
• Oracle: +$5

Gary: "Last week we said the mega caps were waking up a little bit into earnings. We'll see how it goes."

"The NASDAQ was up 100. But advanced declines were negative on the NASDAQ. Why? The mega caps. That's how it rolls sometimes."

🔴 SECTORS TOPPING OUT

Consumer Weakness:

• Retail stocks: "Topping out"
• Restaurants: "Topping out after a nascent rally"
• Housing stocks: "Look like they're hitting a wall"

Gary: "Some consumer areas seem to be coming in a little bit."

💀 BITCOIN/MICROSTRATEGY - Still Dead

Bitcoin: "Still acting like the south end of the northbound jackass"

• Someone called for $1.5M by 2030 (would need 17x from here)
• Gary: "In order to go to $1.5 million, you got to get to $100,000 again."
• "It's still in a bear market. It's still in a void."

MicroStrategy - THE LEVERAGE LESSON:

• $457 → $160 = 60% drop
• Bitcoin only down 20s%
• Gary: "You're welcome on MicroStrategy, because we've been telling you since $400 and it is $160."

"It did not break $150. Why? A lot of leverage. And you know what happens to leverage? Price keeps going down. The selling has to feed on itself to cover the leverage. And then the house comes tumbling down."

"This should be one heck of a lesson for each and every one of you on the word leverage and the two words, utter stupidity."

"All you are now is an owner of Bitcoin and leverage. And the last bear market of Bitcoin dropped at 75%. Imagine if Bitcoin now dropped 75% and you're really leveraging. Not hard to figure out."

📅 MASSIVE EARNINGS WEEK AHEAD

Monday/Tuesday:

• Boeing, UnitedHealth (Dow)
• GM, Texas Instruments, UPS, Seagate

Wednesday:

• ASML, AT&T, ADP, Starbucks
• After close: Meta, Microsoft, Tesla

Thursday:

• Caterpillar, Honeywell (Dow)
• Blackstone, Lockheed, Sherwin-Williams, MasterCard
• After close: Apple, KLA, SanDisk, Western Digital, Visa

Friday:

• American Express, Exxon, Verizon (Dow)

Next Week:

• Amazon, Google/Alphabet

Gary: "We have no idea which ones are going to gap up, gap down. Surprise to the upside, surprise to the downside. We'll be on it anyway to cut it."

💵 FED MEETING WEDNESDAY

Gary's Expectation: "I do not believe they will be cutting rates."

"The Fed will not lower rates this week. I'm pretty sure that's no reason to."

"The president will call him a moron and an imbecile and too late and a jackass. But Jay Powell's done nothing wrong in the last week. All his errors were a bunch of years back when he printed to nine trillion bucks and bought up a whole freaking bond market, taking the 10-year deal down to a half percent and distorting everything."

📊 Other Market Notes

10-Year Yield: "Back towards 4.2. That's good. Lower the better."

Oil: "Kind of flattish today. Like to see them come down more."

Google: "About the only mega cap stock in what we call good shape. The other ones that have been rallying a bit in the last couple of days just recovering some of the pretty good losses on the recent past."

Gary's Key Quotes

On Silver: "Write these words down. A chance today. Silver went climactic."

"We've studied climactic moves... we think there's a decent chance."

On Metals/Inflation: "I'm happy to see the metals in mining coming down... Keep going up. That's inflation, kids."

On MicroStrategy Leverage: "This should be one heck of a lesson for each and every one of you on the word leverage and the two words, utter stupidity."

"All you are now is an owner of Bitcoin and leverage."

On Consumer Areas: "Some consumer areas seem to be coming in a little bit."

On Powell: "Jay Powell's done nothing wrong in the last week. All his errors were a bunch of years back."