*****************************************************************************
* FIEND'S SUPERBEAR MARKET
REPORT *
* October 21,
2025 *
* *
* e-mail:
fiendbear@fiendbear.com
*
* web address:
http://www.fiendbear.com
*
*****************************************************************************
Fiend Commentary
================
Joyride
with the Airbags Deployed
Stocks
celebrate; gold warns.
The Dow ripped more than 500 points and the majors hover at record highs—on a
day when the shutdown still hums, growth looks wobbly, and the banking tape
can’t quite shake its nerves. At the same time, gold is pressing toward $4,400
only days after crossing $4,000. That’s the tell: this market is running two
trades at once—celebration and insurance.
Equities are
pricing policy support: more cuts, calmer funding, plenty of liquidity. Metals
are pricing the cost of that support: weaker credibility, heavier deficits, and
the chance that “temporary” easing becomes the plan. When both tapes sprint
together, the message isn’t mixed—it’s unified: ease now, worry later.
What could
crack the symmetry?
A real-yield
snapback that compresses equity multiples and cools metals.
A dollar
jolt that dents commodities and export tailwinds.
Credit
blinking (spreads wider, funding stress) that turns “risk-on” into de-risking
fast.
Until then,
round numbers are magnets, not ceilings. Stocks can levitate on the promise of
cheaper money; gold can surge on the consequences of it. But one of these
stories will have to give. You can buy the joyride and keep the airbags
deployed—for a while. After that, the road decides.
Weekly Market Summary Page
[Return to the Fiend's SuperBear Page]