Mike McGlone sees the current market selloff as a purge of speculative excess, particularly in cryptocurrencies, which he views as having unlimited supply and being duds. He believes Bitcoin is a leading indicator for risk assets and predicts further declines, with a potential drop to 10,000. He also warns of a 'pump and dump contagion' in 2026, where various assets that were pumped are now dumping, and sees US Treasuries at 5% as a more attractive investment than stocks, gold, or crypto.
Yields
implicit
explicit
implicit
implicit
Bloomberg
5.5
Financial Media
Mike McGlone 8.5
Financial Media
Mike McGlone 8.5
6/6/2026 7:18:41 PM
dxy
McGlone points to the US Treasury long bond at 5% as 'too attractive' for other assets, suggesting a flight to safety into US dollar-denominated assets, which would strengthen the dollar.
metals
McGlone groups precious metals with cryptocurrencies as having 'no income, no earnings, no revenue' and being sold in favor of stocks. He also notes that silver was up 60% and is now down in the year, and that gold's big rally was a warning.
ndx
McGlone calls the selloff a 'healthy correction' but sees it as the start of a purge in speculative assets. He says the stock market will follow Bitcoin down, implying a cautious short-term outlook for the tech-heavy NDX.
rut
McGlone's overall bearish tone on risk assets and his call for a market correction implies a cautious down outlook for the small-cap focused RUT, which is often more sensitive to economic downturns.
wti
It just looks like the next big trade is crude oil is going to follow natural gas on the way down.
Heather Long believes the 'hiring recession is over' based on strong jobs data, but warns of an 'E-shaped economy' where lower-income consumers are pulling back on spending, particularly in home improvement and healthcare. She sees wage growth as the economy's 'Achilles heel' and expects a 4% CPI print, which will be a pain point.
implicit
implicit
Oil
Metals
USD
Navy Federal Credit Union
2.5
Commercial Bank
Heather Long 7.0
Commercial Bank
Heather Long 7.0
6/6/2026 7:18:41 PM
ndx
Long sees the selloff as 'overdue' and points to consumer pullback, which could weigh on tech spending and valuations, suggesting a cautious short-term outlook.
rut
Long's description of an 'E-shaped economy' and pullback from lower-income consumers suggests small-cap companies (RUT) that rely on domestic consumer spending could face headwinds.
yields
Long's strong jobs data and expectation of a 4% CPI print imply the Fed will need to raise rates, which would push yields higher. The host also notes that a 'hike is all but inevitable'.