Shifting Tides in the Markets – Time to Head for Cover

Thoughts on the Market

November 24, 2025

Last week I warned my readers that Bitcoin was ready to crash another 20% once it broke through some residual support levels.  In fact, it collapsed by 15% over the next couple of days, but it still looks extremely vulnerable overall.  In stocks, the price action this past week was no less troubling.  In particular, the market action this past Thursday was much more than an eccentric trading session. It carried the unmistakable signature of a stress signal – the kind markets flash when fragility is building beneath the surface. The reversal was unsettling not merely because of its magnitude, but because of what it reveals about investor psychology at this stage of the cycle.

The Rejection of “Good News”

Nvidia delivered extraordinary earnings, the kind of results that should have fueled a broad and sustained rally. Instead, the market surged at the open and then collapsed into a rapid, disorderly selloff. When strong fundamentals no longer translate into upward price momentum, the message is clear:
Macro forces now outweigh micro strength.