*****************************************************************************

*                       FIEND'S SUPERBEAR MARKET REPORT                     *

*                               August 25, 2025                             *

*                                                                           *

*                       e-mail: fiendbear@fiendbear.com                     *

*                    web address: http://www.fiendbear.com                  *

*****************************************************************************

Fiend Commentary

================

Be Careful What You Wish For

The Dow finally notched a fresh 2025 high while volatility slipped to its lowest since December—textbook “all clear” optics as traders keep front-running a September cut. But be careful what you wish for: if the economy is losing altitude while tariffs and services prices keep pressure under inflation, easier policy risks stoking the wrong fire. Rate cuts into a re-warming price backdrop can reprice the long end fast and squeeze lofty multiples. Breadth is still uneven, insider selling elevated, and small caps lag the megas—hardly a picture of durable risk appetite. Opinion, not advice: this rally is cheering the cure and ignoring the side effects.


 

Weekly Market Summary Page
[Return to the Fiend's SuperBear Page]