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November 17, 2025
 
     
  Everything Slides Again  
     
 

Stocks slumped about a percent to a new low for the move since the top. BLDR notably tanked another 4 percent to a new 52-week low.

Positions: Short SPY, MDY, IWM, QQQ, XHB, and BLDR

Commodities were mixed.

Gold and silver both slipped a percent, and the GDX fell over a percent. All three once again closed below the 5 dma, which leaves the bears in charge.

I still believe we're going to see gold, silver, and the miners all correct with equities in the near term as the dollar likely rallies.

On Thursday we'll get the September jobs report. This data is obviously a little stale, so I'm not sure how much it matters. But if it's not a total disaster, the dollar is likely to rally, and everything else is likely to keep sliding.

Positions: Long ZSL and GDXD.

The dollar was firmer and looks to attack its 200 dma again soon. BTC fell another 2 percent and has begun to get a LOT of attention on HeeHaw lately given its slide.

Yields were relatively unchanged.

 
     
     
 
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