by Jason Bodner
September 30, 2025
Space is weird.
In the vacuum of space, sound doesn’t travel. A star could explode into a blinding supernova, and you’d never hear a thing. No bang, no boom… just silence. Space has no atmosphere to convey sound waves.
To me, that’s a lot like markets. On the surface, it seems quiet, even dull. But behind the stillness, forces of staggering magnitude are at work. You can’t always see it or hear it. But it’s happening anyway.
That’s what this market feels like right now. We hit a little air pocket. After an almost never-ending climb, the S&P 500 pulled back from its highs. You see it in the Big Money Index (BMI), dropping from 77 on September 16th to 72.4% on the 26th. Yet again, money flows sniffed it out before prices followed.
So, should we worry?
Not really. Let’s walk through the numbers.
The BMI surged in early September from 68% to 77%. That coincided with a 4.4% pop in the SPY between September 2 and 22. After a run like that, a breather isn’t just normal, it’s healthy. What I check first is volumes. They spiked while stocks were rising and then drifted lower as prices cooled. That’s not panic selling. That’s “digestion.” It looks more like the market catching its breath than rolling over.
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
The post 9-30-25: The Data Speak Volumes, Even When the Market Seems Silent appeared first on Navellier.
