6/25 Lines After Dark
Navigating towards all time highs
Lines After Dark
Midweek Market Update – June 25, 2025
Midway through the week, and the tensions from Sunday have faded as quickly as they came. When I wrote Sunday’s letter, I half expected to be back at the desk Monday issuing a brief alarm note. That never materialized—the risk criteria have held steady at 1 of 3 all week.
The Nasdaq hit a new all-time high today, and the S&P 500 is on the doorstep of its own.
Over the past several weeks, we’ve tracked what I’ve called the “ideal scenario”:
A pullback to the short-term moving average followed by a decisive break above 6000.
That setup has now played out cleanly.
Meanwhile, ARKK—our modern risk-on barometer—has delivered on the outperformance thesis. Congratulations to those who considered the idea.
+25% return since entry, compared to +3% in the S&P 500 over the same period.