12.29.25 subspaces

Good morning and welcome to Monday Morning Squawk Subscriber Statement, 12-29-25. This is an information only statement. Don't make a transaction without professional advice and I'm not your professional advisor. And I could not help listen to a couple of these people on CNBC today. I can't take it. I can't take it. People are doing self-congratulatory evaluations of their targets. Not one of them said, boy, am I so glad the Fed cut rates 75 basis points when inflation was above trend. I'm so glad that they got rid of the trillion dollars of QTI. And real, they're adding treasuries at a half a trillion dollar rate because my target would have been nowhere near my expectation. And the euro would be nowhere near where it is. And so we would have much lower prices. Thank you, Jerome Powell, for that. Not one of them said that. All they described was how great they were. You even have Jeremy Siegel, like, oh, Mag 7 is getting tired. But other stuff is going to be fine. These people are so dangerous. It's so out of control. And for all the people yesterday who were so excited as we went into futures trading, Japanese yield was up on a way to being up six basis points on the long end. And they were able to get, they were able to get good points at over 90. And it's going to, as you said, get to 95 and 99. We'll get over that 105 in the next 72 hours and we'll invalidate our three-month bearish tail activation. So, okay. A little message from my nephew. Oh, indirectly. So, let's just go over a couple of things. We have a 10-year yield down on the year despite the greatest interference in the market in history and an attempt to keep mortgage rates up as they can. Okay. We have the new thing, silver. Okay. You know, I didn't, let me see if I can put that up in the next. We have a chart showing what silver can do in terms of, it's, I'll post this. Silver moved 24% one day in the old days. Silver moving 10. And silver, you know, Bitcoin is the new silver. So, there's a chart up in the next. You should all click on it. I mean, my view is, as I said, that the Venezuelan boat seizure is like it's an oil spoof. They're trying to get people on. They had some fairly, Kate, fairly drab, whatever, she was a technician. Oh, you know, oil is stabilizing, it's breaking out. Ladies, we took two and a half million barrels of Venezuelan oil off the market. You don't think people are putting a little energy in there? These people will tell you a price action and ignore the temporary policy that moved it. They are so victims of noise. So, you take up oil, which has been a total disaster. By the way, natural gas is down, what, 10 today on a roll? I assume it's a roll. Contract, let's see. Commodities. Natural gas down 11. But by the way, that is one ugly looking candle. It is a bit, it is an ugly candle. It's 40 degrees. My dog, I don't know if she's happier chasing seagulls on May 31, the last legal date, or September 14th on the beach, or walking when it's 40 degrees and there's still fresh snow on the ground. I think she'd rather walk through the snow in the warm weather than say it. I don't know, maybe it's the rarity, but it was a great day trying to get her home. Normally she likes when we get home. Okay, so we have this. Oh, by the way, I did a study. I had my people put together a study. Let's see if I can, oh. We're going to refine it to make it better, but I'm going to post it right now. And we're going to swing it up. Uh-oh. Yikes. The other one. Oh, no, no, it's all right. Okay, so that's up in the next. And I would be printing out this in 3D, in full color, the move index and the study that we're going to make on that. The study on the left was a different symbol, which I want to take credit for, changing the shapes of the city. It's not useful because there's a trend line going through it. What we want to do is we want to show the first part of a rate-cutting cycle and those that should all be encircled. And the mid part, which would be kind of the triangle. And then the final part would be the square, like the stop. And to show the behavior of the equity markets and the curve, and we'll be able to show. It's a small data set, but we can show variance, we can show meaning, we can show association. And we'll talk about how beneficial an inverted curve grid is. And it's hard for a rate-cutting cycle under an inverted curve at the initiation of a cycle. How juicy that is, and how brainwashing that is. Boy, this is a great fix. Oh, it always works. And now we're in the middle cycle. As I said in advance, as you all know, you're not going to get what you want in yield and sufficiency. CYI, product yield and sufficiency. How has YZ yielded efficiency? You're neutralizing the disinflationary forces, the deflating equities, because equities are negative duration. It's very, very, very important to understand that. If there's nothing else that you learn other than the dominance of mortgage volatility over the whole system, it's to understand that it's equities are negative duration which leads to that condition. And why is that so incredibly important? You have to think about how continuously puts the tube of toothpaste right in front of you. And someone's grabbing it, and just as the toothpaste is coming out, he puts the cap on. He puts the cap on. It's so, so crazy. So, the initiation under inversion, you have the accelerating carry trade buildup. But remember our number sequence. In three decimals, 1, 2, 4, 8. 16, 32, 64. You know, you're not noticing this stuff. We're not noticing Bitcoin's collapse. I see it. I see it. No return since, remember, code reuse. 11, 10, 21. 11 plus 10, 21. 69K on Bitcoin. And we did a study, one of the wonderful listeners in the study was on the inflation adjusted Bitcoin price. Let's add 20% to 69. That's $13.80. That's $82.80. I mean, I'm going to count down. Anything can happen, you know. Things can go into temporary support. A whale can decide to do it. The probability is low. I absolutely could wake up intact on Mars. But then again, no one has ever reported a transportation anywhere, you know, across the room. So, getting all the way to Mars and being intact, really, really low probability. But it's more than zero. And, you know, Bitcoin can hold it together. Do I think it will? No. If you look at the money behavior, the supply, the organization, the arrangement, you'll see that Bitcoin led everything from its excitation in 2009. Okay. And what happened in 2009? Look at the chart that I just put up, the red, yellow, green. The yellow was the area of deformation of volatility suppression by participants because the system unwound massively. It was the bridge of policy. The commitment to banking, the price, just the GFC. It goes to the peak. Remember, we went from $15.30 or something in 2000 down to $7.70, not Eastern Parkway, and some of you will know that reference. But, you know, a little more than half. It's a little less than half, excuse me. $15.30, $7.70 is $15.40. They have a little dividends, but ignore the dividends. And then you made an all-time high in July, June or July of 2007. As the MUFA index hits its trend line. And then we have the unwinding, the deformation, just a meltdown. They can't cut rates fast enough, or they don't cut rates fast enough. And then you have the system unwind. That whole area, we measured it. We have the Greeks. We have the standard deviation. We have the sigmas. We have the variance. That entire area led to 12 years of green. Those are the 12 years of Bitcoin. Not the nonsense last four years where it's up a money market fund, and you cannot get anyone to accept the fact we've been living in waylaces. All the last four years, there's been substitution of individual investors for waylancers in the greatest pump-and-dump scheme of all time. And I don't believe that at this point we go up great. In the next wave, after we go down, go sideways, people smother the volatility. But there is a pumping and dumping system. And what they do is they bottle this petty stock, or this micro-petty stock, and they made sure everyone would publicly disclose their position. That was the key. You don't have to worry about shares leaking out. You don't have to worry about the pastor's wedding, where everyone's supposed to pour wine in the town back, and showing up for the toast, and being a box of water. We have the verge of inflation adjusted, no real rate of return. And Bitcoin, when you have the results of that yellow field, okay, that area, bounded by the trend line and the index, you just quantify that. And you quantify what we have now. We're already 40% more than that. That was a 12-year period. So, if you're wondering why I'm so bullish on Bitcoin, you know why. Because we're going to print crazy money. We just have to get the price to equilibrium, or at least local equilibrium, which is actually through equilibrium, and then we'll get stability in the other price movement. So, on the left chart, in the two-pack, we're working on getting the remainder of this peak. I don't expect and want, forget expect and want, I don't want anyone relying what I say. You must observe it with your own eyes. You must experience it yourself. You cannot rely on me. I could be run over by a bus, you know. But this idea that an inverted curve means you're gaining more carry trade, which means borrowing at the short end of the curve and buying at the long end of the curve because you're currently eliminating a positive, a spread. Now, in the case of inverted curve, it's a negative carry. That's going to be offset by positive carry. Excuse me. The negative carry has to be offset by positive capital appreciation and also short volatility, the theta. That's the three components of your total return. What happens when the funding costs go down? Well, people can borrow money to buy a tank, but a lot of people are borrowing money to buy treasuries, mortgages, and treasuries and short volatility mortgages themselves. Some people will be at risk of mortgages and insurance suboptions. But we'll get this cleaned up into three separate lines. Showing the expected returns for time, the wave function of the initial rate cuts. Remember, 26% in five minutes in 2001 up NASDAQ. I made the call to Steve Cohen on April 17th or April 18th of 01, and that worked out. That was 60% basically in five minutes. And now we have a little of that in the move into a 50 cut on September 18th. But where are we now? The NASDAQ compressed into the S&P in both of the last two rate cuts. That's innovation deflation in the midst of an even cycle. So we've got to try to figure out the way to describe it. Maybe we can exponentiate the index value of the S&P 500 to show that as that starts to get a big number, it's going to cause the S&P to cause the NASDAQ to go low. So as an example, you know, you can have the S&P going down, while the NASDAQ holds up a little, a couple percent. But then you would then see the NASDAQ go down faster, the S&P would lag on the way down, and then you'd have the 70s then lead, and then bang, then lead. Yet banks, they're just, they're so giddy. Oh, who really thinks it makes sense to cut rates with above 10 growth in the stock market above two times both of the country? Nobody except these people. Okay, so let's see what these statements are. Oh, Chancellor Gerald says the price of interest will be weak for the next few months. If Bitcoin is in a crypto winter, it is 85 days into a peak to drop decline. It typically lasts 365 days. When you hear the word typically, when you hear the word if, these are people you should not listen to. If I wake up on Mars, then I wake up on Mars. A very low probability, 10 to the minus 100. Okay. If, stop with if. We hit 2014, we had an S&P up here and a Bitcoin down there. Except in 2014, what was the size of Bitcoin? 100 billion? Okay. So, yeah, we're, by the way, Candidate Gerald's run by Howard Lautnick's son. Oh, yeah, yeah, yeah, yeah, yeah, yeah. Okay. Okay. Oh, what is this? Bulls only. Every Wall Street analyst now predicts a stock rally next year. That is an important statement. I mean, you know, they typically are always bullish, but no one has highlighted that bullishness is predicated on continuation of a rally that was predicated on evening cycles each of the last two years. Nobody's talking about that. I was having a conversation with a friend yesterday. I was being attacked practically by these dogs that are way too friendly. They would jump on you out of control. Anyway, if you add up the dollar value in excess of GBP, the surplus of book value, 1.39 times 10.25 trillion, you're getting $4 trillion in 2000. We had a $14 trillion stock market that went down to about $7 trillion, and some of that money went into what created the greatest housing market of all time that year. And then later on, we had $14 trillion go down to $8 trillion on the housing side. But in this lagged wave function, you had, you know, one GDP worth of contraction, and then you had a lot of fraud that was exposed. And then that, you know, kind of led to an unwinding that took 12 years to get your inflation. So everyone was allowed to pump in the money, and that was Bitcoin's fuel. We have more now. We have $100 trillion. So if you add up equity in stock, let's say at $14 trillion, by the way, we went to about 44% of GDP on 3-6-9. Again, code read is 3-6-9. March 6, 2009, that was 666, and down to 1550. So 666 divided by 1550 is, we went down 57%. 57 times 14 equals 8. So we gave up $8 trillion in the stock market by that point. And then in the GFC, there's $8 trillion. And then we gave up another $6 trillion in housing. So we did give up $14 trillion during the GFC. That was a lot rapidly. What happened in Y2K is we did lose $7 trillion. But a lot of that went into housing. So housing went up. So you didn't lose $7 trillion. You went and you lost $5 trillion. Met, $4 trillion. We lost 14. We lost the whole GDP. And 7-9 in July of 7, 3, in 16 months. That's a lot. Folks, we have an enormous amount of equity. $70 trillion with tech and crypto. And then we have $35 in housing. So I was explaining to my friend who's a real estate person, used to be a tenant. And the transition, the capital flow, is $40 trillion above GDP. The economy went from $10.25 to $30. So the economy grew by a factor of 3 approximately. But the stock equity above trend went to $40 trillion. Talk about a pig in a python. This is an elephant in a python. This $40 trillion is moving, and the Fed is trying to stop it by embolizing the capital valve of money coming out of mortgages. And you can see the system is saying, Fungula! Powell Clown Show. What are you going to hear when Bitcoin is at $79.90 and MicroStrategy is at $99, and they're forced to dump coins to stabilize their stock? What are you going to hear? Crickets. People say, oh, people give you credit, people invite you to other spaces. What are you, freaking kidding me? None of that is true. Listeners will. Anywhere I go in possible territory, it's not going to change. It affects their narrative. I don't know if they're bots, B-O-T, or bots, B-O-U-G-H-T. Whether they're getting paid as ads or whatever to shill. I didn't get invited back on Wolf. My problem is I tell people what I think. It's not that what I think isn't working out. It's what I think is working out. The Hopi of yesterday, I could feel it. 90! We recaptured 90 on the way to 105 salvation. Well, we've got three days now of volatility, which is only accommodating 2.5% moves. And that's not 2.5% stacked mandatorily in a unidirectional fashion. Taking you up 7.5%, which again would only take you to 90, 95. But every day, you've got people saying, let me hold it down. Folks, this is whale exit. The pump and dump is over, and I'm a Bitcoin megable. Megable! But in the 23rds, probably. Everyone was excited. We're getting all the silver upside. People are going to have equity, and they'll throw in Bitcoin. Sell your silver coins to buy Bitcoin. That's what they've been saying. Anyway, so you'll be getting, we'll be posting this chart It takes a while to make sure it's understandable. I look at that, and I'm like, wow, that's good. Okay, that's crazy, my brain can see through that. You see, if you look at this chart on the left side of the two-pack, you'll see some up arrows, and you'll see some down arrows. The circle, you don't need the circle. You know a rate cut at the beginning of a cycle is juicing. You have 26% in five minutes. Okay, so you don't even need direction. And you don't need direction with a box, with a stop sign on the low. Because you know it's going to be lousy. The only question is, and that's why the triangle helps, is that it's showing you some of them are good, some of them are bad. Let's see. J.P. Morgan, five billion of unrealized losses. Okay. So this guy, Simon Dixon, who is a zero at anti-Semites, and a pathological liar about Jews that are being murdered as being actually the perpetrators of the murder. I ask anyone, if someone had taken two of your children and shot one of your children in the head, there's nothing you wouldn't do. There's nothing that would stop you from trying to save your other child. So anything you do is okay. I mean, I think that there are innocent victims of what happened over in the Middle East, and you've got to point to the funding sources. It's okay, this guy's horrible, in my opinion. Anyway, he's got all the fancy wording and block lettering going to watch. Where do I think silver's going? Below 20? Maybe below 10. Where's it going now? Looks like it's going higher. Looks like the margin requirements are a short-term exit. But I think oil's going into the 40s and the 30s. And the selling pressure on gold is going to be unrelenting. It's a big dollar amount, and they will try to hang on to silver longer. It is not big enough for me to be interested in as an investment, only as a signal. And if someone is a good trader, they are having a freaking party. They're having a party. They just had a 35% relative jump in volatility. Up 30. It could move 5% in a day. Look what's going on. Good traders. I think that's... I'm watching too many things. So it's an expansion. I don't expect it to be very, very long-lived. What I do expect is Bitcoin gets slaughtered. Okay. Silver is where people are going to be putting money, moving around. It's a story. But the ultimate driver of silver is it was 109, and I said you can't keep over 100. You had a 6% or 9% loss of turn in one of those days. And now we're at 57, and maybe a little higher. But, you know, how much is left? That's the way you have to think about it with a NASDAQ and the S&P. How much more innovation expansion is left? And we have not had any expansion since October 29. Just November and December. That's two full months of contraction after a rate cut. And they're telling you, oh, it's so brilliant. You're such geniuses. My bank, my bank holds are making so much money. My forecast. Well, are they? Or are you only getting a Fed pump? You've got the Fed having done everything that anyone has ever done to stop the curve from collapsing. And as I said, folks, please watch the fight. You've got to watch the fight. I put it up on the NASDAQ. I'm not doing it today. I'll do it tomorrow. I'm too tired. You've got to watch the fight, the 5 over 10. We are at an 8-month, almost 9, 8-month compression or stability, 43. Folks, you don't want to go to 39. We're running out of time for these curves. It's just too much carry. People are borrowing at under 3.25%. And they're buying stuff. And when they ever start going, which they will, your total return starts turning positive. And then that's when they've got to cut 50. Or they've just got to watch the thing flex. And they don't want to give up control. We're having difficulty getting over 20K. It's just been slow lately. We don't have enough. We're not making Elon Musk enough money. We're not amplifying, promoting, you know. But we've got to get over 20K. I wanted to do it by the end of the year, but whatever. We've got to try to promote this message. I want you to think about every time you see a Bitcoin go down, a silver go up, I want you to think capital radiation, Hawking radiation. I want you to think about that scene in the movie where the guy pulls the thread at the shoulder seam and then the sleeve falls off. Or that Isaac Asimov short story about landing on a dwarf planet and losing energy, losing mass. And if you try to leave with more mass than you came on, it's not going to work out for you. We're losing mass in the risk box. Now, we just moved up oil. We've moved up gold. Let people take a look at it. But, you know, when they look at gold as retained versus the supply, there's a real issue about that. You know, oil is in the ground as an asset, but it's consumed. Gold is retained. Silver is retained. But when we get oil lower, from a slower economy, from lower rates, it will pull this gold down and eventually that gold will drag probably silver down 80%, maybe 90%. But that's not now. The traders love having something that moves 5% in a day. It's not the 24 and the 80s of the good old days, but it's volatility. And we're losing volatility in the system. Citadel gave back $5 billion because they, there's just not enough volatility for them to juice. And that's why I said we're in a system that's losing volatility globally. Globally. This is my crime. What a joke. Anyway, I really, I want you all to take a lesson from what you're going to learn. I'd like to be wrong, but no one in any of these spaces will say, ah, let's bring on Davis. Let's get him here to explain why he thought we're going to give up decimals. If we haven't ever, we haven't yet, but we're approaching the 52 we've lost. We've got that three-month distribution problem now. A quarterly distribution. And now we've got to make sure that Bitcoin stays above 74, or you get a one-year distribution. We have this year lower than below. It'll be the closing below a whole year's trade. The two-year is the 3.465. If you've ever been to a doctor, you know they take your blood pressure, please. It's a diastolic and a systolic. Please look at the two-year. Please look at the 10-year. Please look at that. Now, I'm doing a little more, you know, shenanigans, fancy, five-year, 10-year, five-year, 30-year, 10-year, 30-year. Please watch five-year, 10-year. Please watch two-year, 10-year. Please notice what's going on. I mean, my favorite parts of the day are when we get the first fixing of the mortgage. Now, I'm watching the mortgage trade during the day. Let's see what we're at right now. Remember, we were at 99.93 and close at 99.85 on the on-the-run, which is the current coupon that they're depositing the paper in, the schools, of five and a half. Where are we? So, yeah, we're at 99.89. So, we're halfway between yesterday's close and yesterday's high. It's possible we don't go down below the 620 today. But do you really want to be short mortgages on a day they're forced to announce on CNBC? And, again, Diane Ola got it wrong when she called it a 613. I don't know. Maybe she was looking at the weekly data. But we were at 611 September 18th of last year and September 11th, we only got the 613 on the Texas noise, the bad data. Wow. Wow. So, we're trying to look at the threads. You know, when people, like I was having this discussion, people do a morbidity and mortality conclave when someone dies in a hospital. Did they do something wrong? This or that. The Democratic Party, which I am a member of, did one after last year's trouncing in the presidential election. They won't release it. What's that about? What is that about? Okay. We do it every day in markets. Okay. Let's not look at what happened years ago in isolation. Let's look what's happening right now. Bitcoin going down means that we just lost 1.8 trillion, 1.8. Let me check that. Oh, my God. These people are so crazy. Okay. Let me just do it from here. What's that? Coin. Coin. Cryptocurrency. We are at 2.95 trillion. So, we are unchanged. You know, 4.28 was the peak, and we were 2.93 recently. Okay. So. Okay. So, we want to look at all these things as shedding, and we want to use proper frames of reference. So, our number one frame of reference is NASDAQ divided by the S&P. And below a year ago, plus a year and a half ago, was 2.67 multiplier. Remember, we were at 55 cents October 12, 1990, and we went to $3.30. Okay. That was 491 weeks, less than 10 years. Took 23 years, and we only went from 1 up to 3.8 recently. And we went from 3.3 down to 1. So, when we're at 3.3, then we're 3.68 or 3.69. We will literally have had no expansion of the NASDAQ in 25 years. That would be crazy. It's got to happen. And we're going to get an amazing drop. But you want to look for capital flow, capital flight. And we don't care what it is. You know, we talk about the street's long book, the street's short book. You know, people ask about mortgages. Mortgages are short calls. And the Fed keeps on making sure that it supplies mortgages with enough that it doesn't go up in price. These sick bastards, they're rolling off $420 billion up to. They're doing a lot less right now, but they're up to $420 is the limit. They're saying, mainstream America, you don't deserve any money. The rich are spending, they're causing inflation. You poor people, you don't get any money. It's totally crazy. So, we want to watch all these things. But it's going to be a difficult signal to ignore. And that was only a small amount of money in Bitcoin. And it's so crazy, all the conversations. They're going to say, down 40. No biggie. Down 50. No biggie. Biggie falls. Oil's up 250. Silver's down 430. The SOB. These rates. Folks, when you look at a 480 on the 30 year, look at it as amazing competition. Because that's a guaranteed rate of return. You don't guarantee the reinvestment risk. But you could buy a treasury strip, probably about 5%, for a stripped coupon. Okay. That's like, nothing to think about. No headache, no news, no noise. Japan. They're up 6 basis points. 366. That's a lot of competition, folks. It's not competition on the way down. It's competition sideways and for competition when the rates go down. Because when the rates are going down, it's a total return. And what's causing the rates to go down? A fat man and woman can't run a marathon. High ball, you're not moving. But where's the moving thing? I feel bad for people. But at least you folks are getting information that's allowing you to see what's going on. And when you hear crickets and still amplification as Bitcoin just slices lower, you'll see the nature of its volatility and the nature of its liquidity dependency. And that will help you for when Bitcoin becomes real. Most likely again in 10 or 15 years. But it's deflating right now. And it's cross-asset ownership of Palantir and a lot of this other stuff and these alts. They literally have not even micro-cap. Alts are not even micro-cap. And they say, let's get a good alt. Let's get a good 10-bagger. Who are you kidding? It's crazy. 70% of the time, the Santa Claus Rally gets you 1.7. Oh my gosh. Oh my gosh. This whole thing is getting so crazy. All right. Anyway, does anyone have any comments or questions? It's just, you know, we're going to need a little more organization lower. We're going to need to take out the 86 on the Bitcoin for some people to get nervous. You've got two Zs. One Z to two Zs. 1,000 to 2,000. And you just weren't able to move it. And then we've got, you know, a 380. Folks, I'm hoping for all of you to have an unbelievable year. I hope you gain confidence that you have access to a framework which is more dependent on price than any squiggly line draws. I hate that phrase. Technicians are extremely important. The technicians are doing the visualized algorithms. The problem with them is there's so much information in cross-aspect and cross-derivatives that you don't have to bump into the wall. You can line it up as you get there. It's better to make less on a trade but have less volatility of your results, because then ultimately you'll be able to have bigger positions, knowing that you're always going to throttle down as the uncertainty picks up. Did that close first? Let's see. Who was that from? Okay. Okay. So, oh, the banks. Folks, I'm trying to help you understand something that Lloyd Blankfein, who is a rocket scientist, and he's a half-a-billionaire probably from Goldman Sachs, but he just wasn't that great of seeing risk. But he would ask people the question, and he said this on 9-11 in an interview. Because, you know, he said, if you look back in a year when the system was in rubble, where was the leverage that brought the system to rubble? Folks, I see leverage everywhere. The residents are leveraged. This price on residents are people saying, I'm going to short a call on a bond. I'm shorting a call on a bond because there's no way it's going up in price. I'm shorting a Bitcoin. It's not going down. That's leverage, folks. You get the bets. You get shorter and shorter along the way. I feel confident that a lot of you are looking at price in a way you've never done before. And I think everyone here is saying, you know what? I'm never going to sleep, feeling too much anxiety on my position. Why would I? Folks, we're at the end of a 25-year expansion, and it was anemic compared to the last one. Out of 600 basis points of expansion, we're 25% as much as that. Let's take it over, everybody. And we're going to get more and more capital radiation, and you're going to see it in the flattening of the curves and the flattening of the sections. And you're getting it on the ground level of, look at these charts. How can you not, you know, when are they going to last? Three and five-eighths and three and a quarter, let's say. You don't have the QT to get rid of. It's just very exciting to be able to help and change people's lives. And then we are accepting the notion that a $5 trillion NVIDIA is not a $500 billion or a $50 billion NVIDIA. Anyway, I'll be doing an open spaces later, but don't hesitate to send in some questions if you don't want to speak publicly. But if all you're doing is waiting for a price to hit a breakout level in the general Twitterverse, a breakout or a break-in, and you're not recognizing the policy support of the price or the policy suppression of the price, you're not seeing the market starting its engine. It's finding its time. Patience is frustrating, especially if you're not capable of... They hit silver up at 83, I think, pre-nine, now it's at 71. They love volatility. I mean, this thing accelerated lower. Anyway, I'm really excited to participate with you. We're going to try to be able to do these spaces throughout next year. We don't know more than that, but we know that. We've got recordings, and I have people building the large language model on these ideas. It's a relatively positive outlook. Why can't you say it's a positive? Why can't you say it's a negative? This is Claudia Saab. She is a brave woman. She is publicly fighting a health crisis. Anyway, I am thrilled. I mean, when you see the four yield surrender, you'll remind yourself, Listen, 411, that steep 48.5, 48.7, they're cutting. That's going to make that steepening difficult to maintain. It's going to sweep through. And the lower those short rates go, it's telling me we have a lot of savings and a dearth of borrowing. And this is a very high soft market. You know, Bitcoin is not a big size. You know, it's $2.95 trillion. But we've given up $1.33 trillion of value, and that means the system is more leveraged now. It's not like you sold more coin and then you have left debt in the system. I don't see that at all. But lower rates, lower rates. Sandisk, up 571. Western Digital, 300 up. Micron, 232. These are the leveraged responses to the Fed's ridiculous approach. I don't see how they could repeat that. And the banks, they're all in love with it. That's the one leverage. And the Fed has used up their tools to steepen the curve. Okay, well, what happens when the reverse is true? Anyway, there are no questions. And we'll be back on tomorrow morning. And I might do a subscriber afternoon station tomorrow for those who can't get access during the day or are on the West Coast. Okay, thanks, and let's watch those prices. Oh, let's sing our chant. What is that? I can't remember. Let's see. Okay, when does volatility rise? When shoe liquidity dies. That's it? That's it. That's our monologue. Okay. Someone wrote, it's easier to sell someone a lie than to tell them the truth. I get octagoned all the time for telling the truth. I was invited on three times on football. Then they skipped a week and then we finally won. They sell ads about Bitcoin staking. Oh, where you'll buy, you'll hold your Bitcoin and you borrow at 9% against it. I don't see how that works out well. Okay, folks, have a wonderful day, and I'll post this recording soon. Bye.