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Single best idea, well, the single best idea, as they came to me, I don't know, three four months ago and they said, what are you doing the Friday after Thanksgiving? I'm taking off a huge part of the end of the year. And I said, well, I certainly deserve to do it. Let everybody else off. Instead, we are going to have a full blown out show the Friday after Thanksgiving in these tumultuous times. Lisa Matteo, Michael Barbe with us, and of course Paul Sweeney will come in as well.
And I'm really you know, like goosebumps. I mean, we're really going to try to do it on Friday with a great lineup and worldwide in the nine o'clock hour on Bloomberg Television as well. Single best Idea. Let's start with Lori Calvisina trying to summarize this market the way John Williams of the New York Fed turned the market around on Friday. Here from RBC, Lori Kelvisina on your stress.
But I think the reality is that there have been a lot of things causing stress in this market, maybe not any single one of them. Enormous stress, but it all kind of adds up. I think the FED was one of those, frankly, because we had seen expectations for cuts taken out, and when you've seen that happen in recent years, you know, kind of going back to late twenty twenty two, that tends to trip up the stock market, and when we put cuts back in, it tends to
help the stock market. So I have no idea what they're going to say. I know that RBC's rate strategist has been in the December skip camp, and then he thinks they resume next year. So my guess is the drama is not yet over. But we also know that valuations have been a problem since August, and we've seen, you know, f y two valuations sort of bumping up
against ceilings. We're going to cycle into new earnings at some point, but right now companies don't want to talk a whole lot about twenty twenty six.
Lori Kelvisina with RBC Capital Markets. We moved on to Bitcohina or is I once said, bitdog, how wrong was I on bitcoin? And picked the price ten thousand, thirty thousand, fifty thousand, consistently wrong all the way up? Who nailed the call, Michael McGlone with Bloomberg come out, and he's just doing great work on gold, on copper, and of course on bitcoin. The purview from Miami Michael mcgloone, the next step for bitcoin.
I want to tilt over to your term before time of bitdog. I think is becoming bitdog. The world's changed for cryptocurrencies. We had this massive pump on the having and the ETF pilot and the Trump administration jumping on board and very well entrenched into space now and it's peaked. It's classic. I think peak bull market peaks on euphoria. The thing is now it's dragging everything lower with it. So as of Friday, the Bloomberg Galaxy Crypto Index was
down twenty one percent. On the air was up almost a third. Bitcoin is right now down about ten percent year in the key things, where's it go? Next thing I look at is at the same time Kurtas are going lower. Stock market volatile is just buried.
Now.
We know the VIX is up, but one hundred and twenty day volatile he is still around eleven percent. That's a very low level. So I think the whole space has got more more d risky to go into the end of the year, which is probably the primary risk.
Michael mcgloane looking each day at commodities for US as we look at equities, bonds, currencies and commodities on your podcasts and Spotify on Apple on YouTube podcasts, it's single best idea