Stocks eked out small gains and US Treasuries had small losses this past week, with plenty of economic news – especially on Friday – largely resulting in a "meh" response. European stocks closed at record highs, while gold and the greenback gained ground. Bitcoin continued to suffer losses.

Stocks and precious metals bounce around as more earnings come and go, the Fed holds rates steady as expected, and a new Fed chairman is nominated by Mr Trump.

The last two weeks were rather uneventful, so this is a quick summary of price performance in 2025, and a look ahead to 2026. Are we in a bubble and don't know it?

The weekly update covers NVDA's excellent earnings; the A.I. shine which is wearing off; the minutes from the last FOMC meeting (Oct); and the fall of Bitcoin.

The melt up continued in risk markets until late Friday morning, when a post of Mr Trump's Truth Social website reported that the U.S. would impose additional 100% tariffs on Chinese imports into the U.S. starting Nov 1st because of further restrictions by China on their export of critical earth minerals. In any event, this one way trajectory up needed a pause. Monday will be interesting!

Love it or hate it, the fact is that Tesla's stock performance has left nearly all peers – tech and automotive – in the dust. Now what?

This is an article based on correspondence with two readers, both coming to the same conclusion – the S&P 500 is going to drop further!

Given the poor performance of equities so far this year, I wanted to take a quick high level look at valuations of a number of stocks...

This article looks at recent performance of and valuation metrics of the FAMAG stocks and four others: SHOP, NVDA, TSLA and NFLX.