A broad risk-on session pushed SPX to $7,122 while crude oil dumped 9%. Here's how the day played out, where I'm positioned, and what I'm watching into the weekend.
Grade for today: B+. The tape was constructive almost everywhere except energy and utilities. SPX $7,122 is a meaningful close — that's +1.15% on the session and it held gains into the bell, which matters. Consumer discretionary led the day at +2.43%, tech followed at +1.38%, and health surprised me with a +1.40% print. The breadth was real. I'm not chasing, but I'm not fading this either.
My longer-term book had a solid day. Gold is now at $4,881.60 and silver ripped +3.64% to $81.58 — that silver move is the one I want people to pay attention to. When silver outpaces gold that aggressively in a single session, it usually signals a broader metals momentum shift, not just a safe-haven bid. I've been long both and I'm holding. Bitcoin closed at $77,375 (+2.96%) but the Crypto Fear & Greed is still sitting at 21 — Extreme Fear on the crypto side, which is a disconnect from equities running Greed at 68. That divergence tells me crypto is moving on macro liquidity, not sentiment. I'm not adding here, but I'm not trimming either.
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The oil crash is the story I didn't fully anticipate today. Crude down -9.09% crushed energy (-2.86%) across the board. I had no direct energy exposure, which saved me, but I was watching a couple energy-adjacent small caps that I'm now completely off my list. The 10Y yield dropping to 4.246% helped REITs and growth names breathe — that's a tailwind worth tracking.