10.07.25 - Record - record - record -record

Another day, another all-time high:

• NVIDIA becomes the first company ever to reach a USD 4 trillion valuation

• US indices hit fresh highs, led by Tech stocks

• Bitcoin climbs to a new record

• FTSE 100 index (UK) touches an all-time high this morning, powered by mining stocks

Markets: Global stock indices up (Asia, Europe) - US Futures sideways after the rally - US dollar, long-term yields, cryptos flat - gold back above USD 3’300/oz level.

My view: Markets keep breaking records. But this rally is increasingly fueled by speculative momentum, not fundamentals. The current pattern is not a healthy move and resembles classic euphoria territory: bad news is ignored, risks are discounted, and nearly every stock moves in just one direction, up.

A more cautious stance starts to be warranted. We're likely in the overshooting phase, which can persist longer than expected. But when reality bites, corrections tend to come fast, and could be even hard.

Personally, I’m not chasing the final stretch. The risk-reward ratio is no longer attractive. With an anti-cyclical stance, I believe it’s time to: Tighten stops, reduce exposure and take some chips off the table.

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