Welcome back to Hitting the Bid Weekly!

A sharp Friday selloff raises the question: have the bears finally taken charge?

The S&P 500 (via SPY) was down 1.4% since last week (👏🏽👏🏽👏🏽 “Down” voters). But that doesn’t really tell the whole story. After opening strong early on optimism around AI and rate-cut hopes, the ETF drifted lower into Friday, punctuated by a sharp drop that ended the week with a 2.7% move down, which was even bigger in the Nasdaq (~3.5%). Stocks lost about $2 trillion Friday. On Monday, the market retraced about half of the move lower, getting back to ~$663.

To me, this selloff felt a little different. Last week’s price action seemed tied to renewed U.S.–China trade tensions, notably tariff threats. But over the past six months, we’ve seen these headlines several times, and the market either ignored them or quickly bounced back. On Friday, though, the market dropped hard and only managed to recover about half after the weekend. I’m not sure if the underlying dynamics have truly shifted, but this could be the last chance this year for bears to gain control of the market.

Other key market moves this past week:

*Data release may be delayed due to federal government shutdown

Not an exhaustive list — just a few I’m watching closely for potential market impact.

Gold continues to shine, but can momentum keep pace?

This week, I’m back to watching gold (via gold futures GC). A little over a month ago, I wrote about gold’s breakout from its triangle pattern and the potential reason behind it. Since then, it’s up roughly 45%, and the momentum hasn’t slowed.

It’s been a huge move, but a steady one, with dips supported by short-term moving averages. Implied volatility rank is sitting high around 70. It’s high for a reason (uncertainty), but I may look for a bullish opportunity on a pullback. I’m considering selling a put spread, which benefits from positive price movement. This strategy can also profit when volatility decreases, and gold volatility often drops when prices pull back, which could soften the blow if it moves against me. To size the trade smaller, I’m also looking at the SPDR Gold Trust ETF (GLD).

Growth often happens right after the moment you want to quit.

This weekend, I watched the Chicago marathon, and every year, I'm impressed by how fast the pro runners finish. To contextualize it, I try to think about it like this, and if you have access to a treadmill, you can try it. Slowly (and carefully) increase the speed to as fast as you can go with a max of 13 mph. Hold that for one minute. Now imagine doing that for 125 minutes straight. I mean, how is it possible to do that?

But what really stands out isn’t just the speed. It’s the effort. Every runner out there is doing something physically and mentally demanding. They spend countless hours training for a single event that pushes them to limits they may not have known they had. Most aren’t chasing a podium spot; they’re chasing something personal. For some, it’s a time goal. For others, it’s simply crossing the finish line. And for many, it’s proving to themselves that they can do something hard.

It’s a reminder that real growth doesn’t happen in comfort. Whether it’s training for a marathon, preparing for a big presentation, or navigating a life transition, progress often shows up right after the moment you want to quit, right when you feel like you’re teetering on the edge. It’s that point when your legs ache, your confidence dips, or your mind starts whispering that it’s easier to stop. That’s the edge where growth begins.

And sometimes, pushing yourself doesn’t mean finishing. It can mean giving it everything you’ve got and realizing you need to step back. Maybe you missed your pace goal, or maybe you had to pull out of the race entirely. Those moments don’t erase the effort. They’re proof that you were willing to show up and test yourself in the first place.

In everyday life, those edges might look like signing up for a 5K when you’ve never run before, taking on a new project that scares you, or learning a skill that feels way outside your comfort zone. You’ll stumble, maybe even stop, but every attempt expands your boundaries.

Our limits aren’t fixed lines. They’re checkpoints. Each time you reach one, you get to decide: push a little further or regroup and try again later. Either way, keep showing up. Keep testing yourself. That’s where the real growth happens.

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Hitting the Bid content is for informational and entertainment purposes only. The information contained is not, nor is it intended to be, trading or investment advice or a recommendation of any security, futures contract, digital asset or alike. I may hold a position in the trading vehicles discussed. Trading and investing contains risk. All investors should evaluate their own risk tolerance, financial situation, and investment duration before entering any trade or investment.