What’s Working in This Drawdown?

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Thursday was one of the nastiest reversals you will see. 6350 is the line in the sand for S&P. Yield curve is starting to steepen. Get ready for more Gold vol. GDP is expected to be 4.2% for the quarter, run it hot.

Bitcoin: Multiple sources (CoinDesk, Reddit, on-chain desks) confirm the depeg event on Binance was driven by a stablecoin pricing glitch. One stablecoin (USDe) briefly printed $0.65 due to a code error, which triggered auto-deleveraging (ADL) liquidations across the exchange.

The result: the largest crypto liquidation event ever — nearly 2 million accounts wiped, liquidity vanished, and the unwind is still working through the system. Historically these types of ADL cascades take ~8 weeks to resolve, and we’re ~6 weeks in.

TTM Net Income. Google leads
Google $GOOGL: $124B
Apple $AAPL: $112B
Microsoft $MSFT: $105B
Nvidia $NVDA: $99B
Amazon $AMZN: $76B
Meta $META: $59B

S&P 500: Shockingly we are nowhere near being oversold.

S&P 500: If you zoom in, these are the levels to watch.

Levels on the QQQ

Don’t look now but DELL is looking very strong here.

Same with Walmart.

Levels on META

Google is the best. On Oct 20th: “Google basically owns the internet (Maps, Android, ads, email, cloud, browser, 8% of SpaceX, search)”

Philip Morris has a great risk reward at $142.

Hasboro is ready for all time highs.

We still really like AMD.

Get ready for Gold vol to expand.

Japanese rates are still parabolic. Watch this VERY closely.