Volatility and pullbacks
Thursday 23 October 2025
The volatility continues!
Our Leaders bounced from the low last night and have seen a volatile pullback in the last week or so, as has much of the market outside of the megacaps..
This follows our downgrade in market conditions and notes to Suubee Premium users, and we are seeing exactly that, playing out and the question is how much further we need to fall – remembering next week is a key cycle week.
Distribution is now 5 so as high as it has been for a while.
We’ve basically lost all the leading sectors at least in the short term (rare earths, gold, nuclear, quantum). REMX, SETM, URA, GDX, ARKK, FFTY all at/below the 20MA.
That said, last night we did see a bounce off the low – so a little like our gold conversation in the premium webinar. There were some (not many) potential very aggressive intra-day entries, and tonight we will see if they shakeout. We are still not that bullish on the US, so generally happy to sit back and watch – pullbacks are opportunities we likely just need time.
We have speculated that we could be seeing the right side of some charts forming now – being high volatility and plunge falls – that seems to be the case, but the alternative view is this is more a pullback in trend, vs a base – we will have to see, but it is time to start focusing up on names. We would love another 5%-10% fall, and with distribution at 5 we have to expect it could happen.
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We can see Leaders (AU) had a great run but lost momentum late last week/early this week, a base here would be healthy:
Gold Majors, a little blowoff move now in a quick sharp corrective pattern, again, with the outsized move a base here would be constructive:
Charts of interest
The megacaps have held up the indexes. The risk point is a few more days of distribution and a break below the yellow zone – that would cause a CASH signal:
Russell – that weekly chart was too extended last week for us, ideally we get a few more weeks sideways:
ARKK – see if we violate this 20 day over the next two sessions. Some support from the low, but it looks like more time is needed:
Copper – stage one base forming here – again, more right side is needed:
ETH (cypto) at risk of triggering an inverse BOwP:
AIQ – big data and AI has been in a strong ternd, we are seeing some distribution, but it remains above the 20day. If that drops, we may well need a base:
Global capital is moving around based on Russia/Ukraine/US talks – likely many of these assets will be determined by what comes out in the next two weeks.
Uranium has been sold aggressively, see if any support from 3 LL and the 50d:
Gold – our short-term sell or reduce signal from last Friday has worked well from a stock perspective – interesting that trend channel high is still holding. More time is needed, and gold will be news-driven from global conflict in the short term:
GDX – gold producers – found some support from the 50 day – can that level hold, if not expect further falls in the short term:
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