Ian Reynolds
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Latest Podcast
From Market Maker to Trend FollowerIn the 66th episode of the Market Misbehavior podcast, Dave speaks with Ian Reynolds, Director of Suberia Capital. Ian discusses lessons learned as a market maker in London, the evolution of market structure and technology, managing the mental game of trading, upside for Bitcoin, inflection points for the US Dollar, and why investors need to pay attention to gold. Recorded 9/9/25. |
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Overnight
Economic Indicators Released Overnight
China's housing prices still falling and unemployment rising. All news seems to be bad news yet hot money from abroad is flooding into equity markets. Repeat after me, the economy is not the financial markets and vice versa.
NY Manufacturing confirmed US economic weakness while we wait for the FED tomorrow.
Breaking
Bitcoin
Price couldn’t go higher and it couldn’t go lower. Fair summary of the day, but hasn’t closed yet of course. Bitcoin tagged the neckline of the inverse head and shoulders and moved back higher, but couldn’t get over116.7k. Maybe it’s a bull flag forming.
Gold
Gold trading above the 3,674 shooting star high is very bullish. Needs to close there and confirm of course. Given it’s 48 hours from FED, and no economic news, it’s amazing price action. We’ll be 3,900 + soon and all the pundits will have to revise their price targets up once again.
Foreign Exchange
USD, via DXY, slips again and we’re now firmly below uptrend support from 2011. Two trend lines converging at 98.50 cap any rally and 94.00 looks a real possibility.
Bonds
Chinese yields rising fast despite soft economic numbers yesterday. The recent big flows into CNH, Offshore Yuan, have gone into the stock markets.
China 10 Year Government Bond Yield Daily
Equities
NASDAQ rallies yet again, now at the top of the short-term channel at 22,350. The overwhelming number of pundits predicting a crash (again) helps sustain the rally as shorts have to cover eventually.
Economic Indicators Today
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