Year-End Stock Market Crash Inklings - A single-day 5% drop in the S&P 500 might be all it takes to flip the bullish narrative, on the back of Bitcoin and the broader crypto plunge since 10/10. If the tide doesn't recede, lots of strange stuff may emerge at year end: the lowest S&P 500 120-day volatility since 2017, record-high copper prices, and highest natural gas since 2009. Gold's parabolic rally may appear overdone if equities keep rising and volatility declining. A top signal for some normal reversion in risk assets is that the 2025 alpha leader -- gold -- is the most stretched vs. most long-term moving averages since the inflation era of 1979-80. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t5nw69gpwcgm {BI COMD} #gold #stockmarket #bitcoin #macroeconomics(Mike McGlone)