Trust the perfect Netscape trajectory or the flashing sell signals?

Monday 22 December 2025

From the Market Ear:

Nothing NASDAQ

NASDAQ is in the middle of the range, trading at the same levels we traded at in late Nov, early Nov, late Oct, early Oct…you get the point.

Why not at least at ATH?

SPX has hugged bond volatility all year. The inverted MOVE is screaming ATHs… equities just haven’t caught up yet.

You know the squeeze is on…

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.