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Yesterday, the stock market took a hit, with selling swamping some of the big tech stocks. People are taking profits, as everything ran up so much in the past few months, but I’m still confident that the market will be ok for the rest of this year.

PLTR was one of the big names that got hit the hardest after it reported earnings on the close Monday.

The CEO of the company blamed “market manipulation” and “short sellers” for the decline in the stock and even got on CNBC to make these claims. In my 30 years of doing this now, every time I have seen a CEO go on TV and react like that to a stock price decline it has turned out to be a massive red flag. I would be scared to own this as a long-term investment now, much less buy it.

Sure, it probably will bounce back, and do ok the rest of this year, but I would have zero confidence in where this stock market be at a year from now - and I don’t care if one of it’s co-founders created the Vice President JD Vance and owns him. The main thing is that it has become a meme stock with a P/E of 633. It has a forward P/E of about half that number and a PEG ratio over 3.

I’m not short selling it either.

I have zero interest in doing anything with it.

As for gold, it’s still in a correction/consolidation mode, just like all the markets are in at the moment, and I’ll have more to say about that soon. I’d recommend taking a look, though, at a video update by Jordan Roy-Byrne of thedailygold.com did that you can find here. Jordan sees a gold consolidation until it hits its 200-day moving average and that makes sense to me. That indicator is slowly moving up and if gold were to stay around here will get to this level in the first few months of next year. We last saw gold consolidate this past spring and summer and it looks like something similar is playing out.

-Mike

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