BY ANDREW GIOVINAZZI
August 26th, 2025
President Trump dismissed a Federal Reserve Governor yesterday, triggering an immediate market sell-off. It appears he is targeting the more hawkish members of the Fed, using any available justification to remove them. In this case, the stated reason is mortgage fraud, though Fed Governors have historically been adept at avoiding accountability—often resigning before formal charges arise. It’s still too early to tell how this situation will unfold.
I think Licia’s event tonight at 7PM ET — outperforming the S&P 500 by 6x — is going to make a bigger impact than any Fed Governor firing. She absolutely nailed it, and I’m all in for the next challenge.
Now the real question: will stocks start moving again in 2025?
There are definitely some clues out there.
Broad Market Volatility is up 3 days in a row
The easiest way to tell if something’s about to happen is to see if traders are pricing it in. After hitting relative lows during Friday’s ‘J-Pow rate cut halo’,’ the VIX and broader volatility measures have since moved higher — not by much, but higher.
SPY Sep, Oct and Nov sigma vols red, yellow and green lines
Traders still care about Nvidia (Ticker: NVDA) the way they used to care about Apple (Ticker: AAPL). NVDA has become the standout growth stock, while AAPL now trades more like a highly profitable utility.
If NVDA delivers strong earnings, I expect the VIX to hit new lows for the year—potentially dipping into the 13 range (Zone 1). I also think other NVDA-adjacent names could benefit, setting up a potential special situation.
Stay tuned.
To Your Trading Success,
AG