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Momentum Monday - The Year 2026 ...Memory, Space and Metals
Howard Lindzon
December 23, 2025
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Good morning…
My headline says it all and thank goodness I mostly index. I know so little about the working of memory chips, metals and space.
The great thing about trend following and momentum investing is the simplicity. By following the 52 week high and all-time high list I know exactly where money and attention is flowing.
The $SPY ( ▲ 0.43% ) and $QQQ ( ▲ 0.35% ) are very simple market cap weighted trend following systems.
The fact that rockets were made reusable by Elon Musk set off this space trend. ZIRP really helped. I personally doubted that space trend would thrive in an interest rate rising environment, but I am happy to be wrong. It seems like we are over the hump in the business of space. Profits are the next frontier and those still look far off. If I were to ‘panic early’ into any sector this would be the one to take some chips off the table.
The weak US dollar and inflation and de-globalization have created a perfect storm for rising commodity prices and certain stocks which we discuss in today’s show as well.
Hope you enjoy…
Welcome back to Momentum Monday!
In today’s episode of Momentum Monday, Ivanhoff and I discuss the following:
Kicking Off & Year-End Market Moves
AI Shakeout & Memory Stock Surge
Predictions: Commodities Take Center Stage
Metals Rally & The Case for Gold
Sector Rotation: Space, Biotech & Financials
Reflections, Rotations & The Trade of the Year
In This Episode, We Cover:
Here are Ivanhoff’s thoughts:
Last week, we saw another significant selloff in tech, led by AI-related stocks. AMD tested 200. NVDA tested 170. QQQ tested 600. Just when the tone was turning overly bearish, Micron (MU) came out with record earnings, margins, and guidance way above estimates, and everything AI went back higher. The lower-than-expected November inflation readings also helped, despite being massaged to fit the government narrative. Manipulated or not, what matters in the short term is the market reaction, as it reflects the current sentiment.
You can alter the inflation readings, but you cannot manipulate the price action in metals. Gold and silver are having one of their best years in history. Not only that, but industrial metals are also breaking out and setting up – platinum, copper, aluminium, steel, etc.
Space-related stocks are having a strong finish to the year. The rumours of SpaceX’s IPO have stirred speculation in the space – RKLB, ASTS, PL, BKSY, ATRO, ISSC, KTOS, ATI, etc.
The so-called Santa Claus rally is back on the map. By definition, it involved the last five and the first two trading days of the year. Small caps tend to benefit the most from this occurrence as people buy in anticipation of the so-called January effect.
And here are the charts discussed:
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