The Tech Meltup, Exhibit A

If the S&P 500 can close higher today, it will be a headline-grabbing 10 days in a row.

In the short term, investor sentiment rather than fundamentals, are driving stocks higher.

Google, having avoided an anti-trust judgement and launched a competitive phone to Apple’s lack of an innovative one, is leading the index up:

Turn Your Images On

Google shares go parabolic. (Source: Stockcharts.com)

Google jumped over 4% yesterday. More importantly, the stock now has an RSI – relative strength index – of over 88, a level usually seen when small-caps become memes bid up by Reddit users.

Overall, the S&P 500’s RSI hit 70, the low side of overbought territory — for the entire index.

“Fed rate cuts tomorrow are likely priced in,” writes portfolio director, Andrew Packer, “it may not trigger a selloff, but at these levels, investors may be disappointed with a .25 cut.”

Tech investors will remain bullish on the prospect of multiple rate cuts over the next few meetings.

But be wary of any indication the Fed tries to rebuff Trump’s overtures and, God forbid, remain independent tomorrow.

~ Addison

P.S. Politics are exerting extreme pressure on money market funds, too.

This week on Grey Swan Live! with Adam O’Dell – at 2 p.m. ET, Thursday, September 18, 2025 — we’ll be investigating the $10 trillion pile of cash sitting on the sidelines during the terrifying bull market on Wall Street.

Mr. O’Dell has been warning investors how impending changes to monetary policy are going to force savers out of cash and into the markets… or gold. More details to come. Sign up now to become a member and join us for this week’s call.

If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.

If the S&P 500 can close higher today, it will be a headline-grabbing 10 days in a row.

In the short term, investor sentiment rather than fundamentals, are driving stocks higher.

Google, having avoided an anti-trust judgement and launched a competitive phone to Apple’s lack of an innovative one, is leading the index up:

Turn Your Images On

Google shares go parabolic. (Source: Stockcharts.com)

Google jumped over 4% yesterday. More importantly, the stock now has an RSI – relative strength index – of over 88, a level usually seen when small-caps become memes bid up by Reddit users.

Overall, the S&P 500’s RSI hit 70, the low side of overbought territory — for the entire index.

“Fed rate cuts tomorrow are likely priced in,” writes portfolio director, Andrew Packer, “it may not trigger a selloff, but at these levels, investors may be disappointed with a .25 cut.”

Tech investors will remain bullish on the prospect of multiple rate cuts over the next few meetings.

But be wary of any indication the Fed tries to rebuff Trump’s overtures and, God forbid, remain independent tomorrow.

~ Addison

P.S. Politics are exerting extreme pressure on money market funds, too.

If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.

The empire is in decline. Demographics, regulatory tightening, fake money and the mis-allocation of trillions of dollars (much of it on pointless wars) have sapped the vitality of the economy. The Federal government gets bigger and bigger, but there is no longer enough output to pay for it.

The interest on the debt alone takes more more than a trillion dollars a year. The US faces a financial crisis. And for the first time in history, our children face a poorer future.

The welfare state model no longer works; the center — consensual democracy — wobbles towards the extremes. What to do? Beat our plowshares into swords?

A separate University of Chicago poll warned that political interference would push up U.S. borrowing costs and raise risk premia on government debt.

And yet, trust is draining away.

In 2001, amid the turmoil of the tech wreck meltdown on Wall Street, Gallup found 74% of Americans had confidence Alan Greenspan would “do the right thing.”

In 2025, only 37% say the same of Jerome Powell. For the first time since Trump and Powell shared the stage, more Americans trust Trump than Powell to steer the economy.

That does not bode well for Fed independence.

The government spent more than half of the money again, as much as it earned last month. Imagine how long spending like that would last if it were your family budget.

As Bitcoin’s price has risen, it now trades for around $115,000, MicroStrategy’s stock has experienced an even greater parabolic rise.

Today the company, renamed Strategy, has a market cap of $103 billion – and investors have seen returns of more than 2,400% in a little over 5 years.

It’s one of the greatest growth stories of recent years and one that almost nobody could have seen coming.

For anyone who has ridden the MicroStrategy gravy train, congratulations.

And for those who missed it, I believe you could have a rare second chance.