Market On Open, Friday 5 December

DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Read our full disclaimer, here.

Santa Finally Got The Letter

by Alex King, CEO, Cestrian Capital Research, Inc

For now, equities and crypto are pointing up into year end. This can be derailed of course but I would say the highly entertaining Big Money wheeze of dumping equities and crypto in October and in particular November, thus to scare the civilians, and then covering their shorts in late November / early December and running prices back up - this jolly jape is, I think, going to work. Going into December, the number of large funds outperforming the S&P500 is a short list. Maybe ten or so names. My guess is that by year end, that number is higher; further, my guess is that outsized retail gains that were being touted (unwisely!) all over X in Q3 this year - those gains will be pared back.

2025 to date has been a tricky market. If you’re doing well this year, kudos to you.

Now let’s get to work. Bonds, volatility, equities, sectors, crypto, oil … we have it right here for you as always.

Oh - a quick word. Our Inner Circle service will see a material upgrade in breadth, depth and pricing in January. Stay tuned for details later this month. As always, if you’ve been thinking about joining up, the sooner you join, the less you pay.