December 1, 2025

Markets:

Welcome back!!  Stock futures fell on Monday, following crypto prices lower, as volatility continued following a choppy November.

Nvidia shares dipped around 1% before the bell along with AMD. Broadcom slipped 0.7%. Oracle shares slid nearly 1%.

Bitcoin, the flagship cryptocurrency, dropped more than 5% to trade below $87,000. The digital currency late last month fell below $90,000 for the first time since April and has since struggled to stay above that mark.

Wall Street is coming off a strong week. The S&P 500 and Nasdaq Composite last week ripped higher by 3.7% and 4.9%, respectively, while the Dow Jones Industrial Average advanced 3.2%.

To be sure, seasonality is on Wall Street’s side as December trading begins. The S&P 500 averages an advance of more than 1% in December, making it the third-best month of the year for the benchmark in records going back to 1950, according to the Stock Trader’s Almanac.

Portfolio:

As we turn the page into December, we hope you’re feeling the same sense of anticipation we are. The final stretch of 2025 is here, and the setup heading into 2026 is nothing short of remarkable. There’s a lot to be grateful for—and even more to get excited about.

We’re entering the new trading month positioned in BMNR, A, ONDS, and RIVN. After navigating one of the most challenging trading months in the past two years, last week’s strength closed November on a high note. Now, all eyes shift to December.

People continue to underestimate what happens when a market that has been mechanically sold for weeks finally gets room to breathe. Realized volatility cools… the bid reappears… and suddenly traders who spent the last stretch “getting cautious” are watching a market that simply won’t give them the pullback they want. It’s classic year-end behavior. Last week’s flow data confirmed that shift clearly—hedge funds that were de-risking during the wobble flipped back to buying, and retail hasn’t backed off the upside either.

With the market pushing through the 6800 zone, we’re entering a region where anyone who sold or hedged recently starts to feel pressure. A couple sessions of calm could be enough to trigger another wave of re-risking. There’s not much resistance until the 52-week highs—and even that level is more psychological than structural.

The real risk here isn’t a reversal. It’s being underexposed into strength because the pullback convinced you something bigger was coming. That’s been our message since April, and it remains true now. December is always the same story: managers want to increase exposure, but nobody wants to be the last one adding. They want confirmation, but confirmation costs more. They want dips, but dips are shallow. Eventually, that tension tends to resolve higher.

Given everything we’ve seen, the 7000 year-end target—the one we’ve been talking about for months—no longer looks far-fetched. It’s not guaranteed, of course, but the flows, the momentum, and the structure are all aligned for a real shot at it. The market has repeatedly shown that it can reset under pressure and accelerate again once the noise fades.

As for this morning’s futures—no concern on our end. This is exactly why we held off on adding Friday. We wanted better prices, and we’re getting them. What matters now is how the market behaves over the next couple of sessions. A clean shrug-off and a steady tone would set the stage for one hell of a December run. We’ll continue respecting both sides of the trade and responding to the setups as they confirm.

Here’s to what should be an active, opportunity-filled final month of 2025.

Let’s finish strong.