Author: Philip Calrissian

With six trading days left of October, the SPX is higher for a sixth consecutive month, currently +49pts (0.75%) at 6738. Even if October settles net lower, with a new hist’ high of 6764, it should be seen as a net bullish month.

Monthly momentum is increasingly positive, as there is ZERO sign of a short, mid, never mind a long term top.  We’re set for another monthly settlement above the key monthly 10MA (6151) as the l/t trend remains bullish.

I’d be open to a brief washout to around 6K, but then what? Probably resuming upward into year end/early 2026.

Sure… stock valuations are ever more ludicrous. Maybe you’d prefer a Govt’ bond ? How about something from Japan, Germany, or the failed state of the UK ?

Oklo fell for the fifth day of six, settling -13.9% to $120.12.
I’d note the August $85s, as look viable in November.

Centrus fell for the fourth day of five, settling -16.5% to $314.82.
I’d note the August $264s, which look possible before end month

NuScale Power melted down for a fifth consecutive day, settling -9.5% to $34.72… which makes for one hell of a collapse from the recent historic high of $57.42.

I like all three on a l/t basis. Even if you assume the SPX sees just a 10% correction to around 6K, the nuclear stocks will surely be net lower from their current levels.

Yours… Iodine pills on standby.

Gold is currently net lower for the week by -$126 (3.0%) at $4123.

I’d especially note the most recent two weekly candles, which are spiky on the upper side, a sign of bullish exhaustion. Weekly momentum has just started to tick back lower.

Big support 3500/3400s.
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Silver is currently net lower for the week by -$3.39 (6.5%) at $48.55.
The weekly candle is bearish engulfing, as last week’s spiky candle – reflective of tired bulls, is playing out. Weekly momentum has started to weaken.

Big support… psy’$40, and then the 39/38s.
Implications for the miners… into November.

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