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Last week saw a big reversal that jarred Wall Street: after reporting yet-again blockbuster results and upgrading its forecast, Nvidia stock first rose 6%, then fell to close the day down -3%
This dragged the major indices down with it, along with most high growth Tech stocks, as well.
Suddenly Wall Street starting panicking that the AI bubble had just burst before its eyes.
Did it?
Or was this just a pullback to set the markets up for an end-of-year rally?
To address these pressing questions, we're fortunate to welcome back to the program technical analyst and author Michael Oliver, founder of market research firm Momentum Structural Analysis.
Michael sees the market as topping out here, a process that will take months.
But he fears the 'worst bear market' of our lifetime may start next year.
To find out why, and where to seek safety during it, watch this video.
00:00 – Last week’s reversal: Nvidia & Nasdaq 100 broke momentum, S&P barely held 03:04 – Market has been in a multi-year topping process since late 2024 / early 2025 04:11 – Long-term momentum (not price) has already broken massive uptrend structures 05:10 – 2000 & 2007 tops were drawn-out, confusing affairs – we’re repeating that pattern 06:58 – Rate cuts are a panic signal, not bullish – same in 2001 & 2007 09:12 – Fed funds rate has been in the bottom third of 75-year range for 15 years → “Chin-Chong bubble” 12:21 – This will be worse than GFC: global debt at crisis levels, bond market losing control 14:41 – Asset bubble bigger than anything in U.S. history – 15-year, 11-20× move on free money 16:21 – Economic & societal fallout will be broad – potential challenge to Fed, fiat, two-party system 18:35 – Gold vs. S&P spread: decade-plus base breakout – “something big just began” 21:55 – Gold at $4,000 is only halfway to prior bull-market ratio gains (8× still possible) 23:42 – Silver vs. Gold spread: four-year downtrend breaking – “silver will beat everything” 26:02 – Silver could hit $150–$200 in 6 months once triggers fire (historical precedent) 28:35 – Gold/silver miners vastly undervalued – poised to massively outperform metals 30:07 – Bitcoin has broken critical momentum – expects ~60k before any real bounce 32:27 – Bitcoin is just high-beta Nasdaq – “the game may be over for public perception” 35:20 – Commodities (especially energy) setting up for major outperformance – recession won’t stop it 37:48 – Financials (XLF) massively underperforming – back below prior breakout levels 40:02 – T-bonds showing illiquidity & loss of control – NY Fed openly talking direct buying 42:40 – “This is a lifetime event, not a 20-year event” – generational shift underway 45:06 – Silver miners “dirt cheap” – best leverage play in monetary metals 47:21 – Final outlook: rapid, painful downside in 2026 – but far better world on the other side 50:23 – Parting advice: rethink everything – shift into monetary metals & commodity stocks now 52:26 – “When these triggers pull, it’s the beginning, not the end – don’t wait for perfect confirmation” _____________________________________________
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