Feb 5, 2026
As we discussed in today’s Chart of the Day, the recent wave of selling hitting the market has been thematic. The AI trade has taken its lumps, and crypto stocks have sold off sharply in tow. For the latter group, that comes as crypto itself is plummeting. As shown below, Bitcoin rose to records in the $120K range throughout the summer and into this past fall. However, in the past several days, it has reached 52-week lows, collapsing into the $67K range today. For as volatile an instrument as Bitcoin is, 52-week lows have been relatively hard to come by. In the past decade, the only other examples of 52-week lows occurred in the fall of 2018, the spring of 2022, and November 2022.
As shown in the second chart below, those forays into 52-week lows have usually occurred closer to the end of major drawdowns rather than at the start of longer-term sell-offs. Further, this current sell-off is now right near the size of the historical average drawdown from all-time highs (46% today versus an average of 44.2% since 2011). Finally, we would note that although it’s an average-sized drawdown as of now, these latest 52-week lows have arrived when Bitcoin was in much less of a severe decline than previous examples.
Feb 4, 2026
Log-in here if you’re a member with access to the Closer.
Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we began with a look at the strength of the equal weight S&P 500 (page 1) followed by a review of some baskets and PMI data (page 2). Following a recap of remittance data (page 3) we go through tonight’s earnings reports (page 4) and then close out with a look into the latest jobs data (pages 5 and 6).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Feb 3, 2026
Log-in here if you’re a member with access to the Closer.
Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start out with a look into the pain trade that is software (pages 1 – 3). We also check in on dividend stocks and the latest batch of earnings (pages 4 & 5). We then finish with a recap of the latest LMI reading (page 6) and the performance of supply chain stocks (page 7).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Feb 3, 2026
Today has been another volatile session for gold and silver prices, with the former up over 7% as of this writing and the latter up well over 15% versus yesterday’s close.
The huge move higher (and lower) in precious metals has resulted in surging interest from consumers based on Google search interest.
Google Trends tracks and indexes search interest on Google’s search engine for a given word or phrase over a given time period. Readings of 100 indicate the peak for search interest, readings of 50 would be half of that peak, and so on.
As shown below, the latest surge in gold and silver prices has corresponded with a surge in search interest for both “sell gold” and “sell silver.”
For gold, search interest is approaching August 2011 records, whereas the reading for sell silver is now far and away at record highs. In other words, people have record or near record interest in selling their precious metals.
Amazingly, though, search interest for “buy gold” and “buy silver” has also surged to record highs that are at levels much higher than the “sell” version of the phrase. As prices have skyrocketed, more people seem to be interested in buying gold and silver than selling them.
We also like to look at “How to” searches. These can proxy first time buyers or sellers, or alternatively, more casual investor interest. Again, these indices are broadly elevated and hit new records by massive margins recently. As shown below, searches for “how to buy gold” have skyrocketed as gold prices have gone parabolic, while the “how to sell” versions have also jumped but not by nearly as much.
