Another messy day in tech… the line in the sand to watch from Luke Lango… gold is looking golden again… how Jonathan Rose is sizing it up… has Bitcoin peaked this cycle?… what to watch VIEW IN BROWSER As I write Tuesday mid-afternoon, it’s been a rollercoaster session for tech. This morning, news broke that SoftBank has sold its entire $5.83 billion stake in Nvidia. This comes on the heels of another attack from Michael Burry (made famous as the trader who made a boatload of money betting against the housing market in the movie “The Big Short”). A few days ago, Burry disclosed that he’s betting against Nvidia (NVDA) and Palantir (PLTR). Well, yesterday, Burry accused the AI hyperscalers – Meta Inc. (META) in particular – of artificially boosting their earnings through accounting shenanigans (specifically, understating depreciation by extending the useful life of assets). Under the weight of these headlines, the Nasdaq found itself down nearly 1% earlier today. Fortunately, it’s rallying as I write mid-afternoon (and the Dow is up 1%), but should we be worried about this tech volatility? After all, tech/AI is driving this bull market. And if so, what levels should we be watching? Let’s go to our technology expert, Luke Lango, editor of Innovation Investor: Tactically, this is a classic “show me” zone. - If we bounce at the 50-day, buy the rebound—especially AI infrastructure, edge enablers, and high-quality software tied to AI workflows.
- If we break the 50-day, stand down and look for the 100-day—roughly another 3–4% lower—as your next high-odds entry.
As you can see below, after yesterday’s tech rally (and this afternoon’s recovery), the Nasdaq sits about 3% above its 50-day moving average. 
Here’s Luke’s bottom-line take, and what investors should expect over the next week: We like the [potential government] reopening. We like [yesterday’s] technical bounce. We like the earnings. But we’re not quite ready to call this the bottom. Breadth remains thin, and conviction is lukewarm. A few more days of sideways chop wouldn’t surprise us. So, for now, the playbook is simple: stay long, stay strong, and stay patient. Recommended Link | | | | Eric Fry is breaking ranks with Wall Street by saying “Sell Nvidia.” Because history, he says, is repeating itself. In 2000, Eric Fry told Barron’s that folks should sell one of the dot-com boom’s most beloved stocks right before it fell more than 90%. Now, he says investors need to replace Nvidia stock with a much better alternative – before their money is wiped out. Get the details here – including free tickers and analysis. |  | |
As we wait for the market’s next leg higher, it’s time to start looking at gold again After a blistering run here in 2025, gold sold off by nearly 10% between late October and last week. We predicted this in our October 15thDigest: If you’re considering hopping aboard this rocket ship, you might want to wait for a more attractive entry point. Gold’s Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicators are red hot, suggesting a coming pullback… Don’t be surprised if gold retreats below $4,000 for a stretch. Sure enough, gold dipped below $4,000 last week. But the yellow metal’s technical indicators and price action now suggest that a new leg higher is approaching. As you can see below, gold’s RSI and MACD now trade at far more attractive levels than several weeks ago, capable of supporting the next leg of this bullish march. Note that the RSI was recently around 50 – the same broad level at which gold consolidated between May and August before blasting off from about $3,350 to roughly $4,350. Meanwhile, gold’s recent MACD reading is similar to where it stood back in early May before gold’s price erupted (and note that U-turn in the MACD – that’s bullish). 
To be clear, this doesn’t mean a sustained blast-off has just begun. There could be additional sideways consolidation for weeks, possibly longer. However, it appears that gold is carving out a base as its technical setup strengthens. From here, we’re looking for three things: - A new, sustained uptrend in the RSI.
- A bullish crossover on the MACD (when the MACD line pushes north through the signal line).
- A new progression of “higher highs” and “higher lows” on the price chart itself.
Veteran trader Jonathan Rose is also bullish on gold, seeing the “smart money” targeting the yellow metal once again For newer Digest readers, Jonathan is the latest analyst to join our InvestorPlace family. He earned his stripes at the Chicago Board Options Exchange, going toe-to-toe with some of the world’s most aggressive and successful moneymakers. He’s made more than $10 million over the course of his career, profiting from bull markets, bear markets, and everything in between. And today, he sees gold heading higher: The shutdown impasse plus a host of domestic factors – from central-bank diversification to a weakening dollar – mean gold’s rise from here is no one-off. I expect the yellow metal to hit higher highs before the year is out. Jonathan’s forecast isn’t based on a hunch. The key tell is volatility – and it’s being fueled by heavy institutional call buying. When gold’s price breaks past its “expected move” (the range the options market predicts), it’s often a sign that “something unexpected happened… breaking news, economic data – anything that moves the needle.” This is what we’re seeing now with gold. Jonathan says that gold’s higher price reflects “a clear pivot to volatility” driven by a weakening dollar, ongoing central bank diversification, and renewed demand for real assets. In short, the same forces that sent gold rocketing earlier this year are resurfacing, and the smart money’s already getting into positioning for the next wave. By the way, Jonathan just walked through how he finds these types of opportunities during his Profit Surge Event yesterday – including how his proprietary options-flow system tracks these kinds of moves before they hit most investors’ radars. Back to Jonathan: Most traders wait for CNBC to tell them gold is rallying. By then, the move is already over. But when you learn to read the options flow? When you understand what the expected move is signaling? You're trading with the same information institutions are using. He also revealed his “Trade of the Decade” and shared three new stock ideas alongside Louis Navellier, Eric Fry, and Luke. If you missed it, you can catch a free replay of his full presentation (including the bonus report) right here. But whenever gold’s next ascent begins, the real story is how much higher it could go One of the traditional ways to assess where we are in a gold bull cycle is to compare the market value of gold and gold miners to the percentage of total global assets. Through this lens, gold and gold miners account for approximately 4% of the total global assets today. Is that a lot or a little? As you can see below, it’s a little relative to past gold bull markets. This figure would have to explode about 5X to 7X before reaching the same peak as prior cycles. 
Source: Tavi Costa, Bloomberg Bottom line: If we’re really in the next gold supercycle – which you can make a strong case we are – we’re nowhere near the top. Invest accordingly. Turning to “digital gold,” have Bitcoin investors been duped? As I write on Tuesday, Bitcoin continues its underwhelming and disappointing price action. It trades just north of $103,000. Has the grandaddy of crypto already peaked in this cycle, and are we now on the path toward, say, $80K – possibly lower? Here’s a bearish take from MarketWatch: In previous cycles, roughly 1,065 days, or about two years and eleven months, typically elapsed between bitcoin's cycle lows and peaks, according to Vetle Lunde, head of research at crypto analytics firm K33. In the current cycle, 1,080 days have already passed since bitcoin bottomed at $15,591 on Nov. 21, 2022, meaning the timeline for a potential peak has already been reached or slightly exceeded, if the pattern holds true. For a bullish take, last week, JPMorgan predicted that Bitcoin will hit $170K within the next six to 12 months. Strategist Nikolaos Panigirtzoglou and this team highlighted the 20% correction since Bitcoin’s latest record high, which resulted in record liquidations. Panigirtzoglou believes that the leverage derisking is likely done: The message from recent stabilization is that deleveraging in perpetual futures is likely behind us. After looking at Bitcoin’s market cap relative to gold’s, JPMorgan argues that the grandaddy crypto will go on a ~65% run from here to hit $170K within the next year. Luke – who’s also our crypto expert – just told investors what to monitor to know where Bitcoin is going Keep your eye on the 50-week moving average and its slope. From Luke: Pull up the weekly BTC chart. 
This line has been the referee across cycles. Excluding the COVID anomaly, every meaningful break-and-close below the 50-week MA with the slope rolling over has marked the end of a boom cycle: Luke explains that while Bitcoin did fall below this line last week, it retook it. Meanwhile, the 50-week MA remains upsloping. This means, so far, we are not in the classic “top” pattern. Instead, we’re in what Luke calls “a mid-cycle shakeout at trend support.” Here’s what he’s looking for going forward: - Bull confirmation: A clean weekly close above the 50-week in the next couple of weeks, accompanied by stable or improving ETF flows and tamped-down funding, is your green light for risk re-deployment.
- Invalidation: Two weekly closes below the 50-week plus the slope flattening/turning down. That’s the 2014/2018/2021 “the party is over” tell.
- Positioning: Treat this area as “prove-it” support. Add on strength; keep risk tight if we lose it on closes.
We’ll monitor here and report back. Have a good evening, Jeff Remsburg | 
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