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VRA Letter: VRA Macro Update. Our 2024 Forecasts Remain Intact. Buy Tesla. Bitcoin Primer; BTC Must Be Owned.

Good Monday morning. Heads up; in addition to both Barrons and The Economist putting pictures of bulls on their weekend covers (contrarian indicator), on Friday we saw a sizably bearish "outside day” in market leader Nvidia, wh ...

Posted On March 11, 20247 MIN Read
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Good Monday morning. Heads up; in addition to both Barrons and The Economist putting pictures of bulls on their weekend covers (contrarian indicator), on Friday we saw a sizably bearish "outside day” in market leader Nvidia, which resulted in a sharp reversal lower in both NVDA and SMH ...from ATH’s…taking NVDA down 5.5% and sending SMH (semi ETF) down 3.9%, both in two hours.

We own SOXL (3 x Semi ETF) which saw its share price fall from $57 to $49. Outside days of this magnitude tend to be high probability short-term directional moves, however we will not be selling SOXL or our other tech holdings. Instead, we will continue to be buyers on dips, the smartest of smart money strategies from the 10/13/22 bear market lows. 

VRA Macro Update” Our 2024 forecasts remain unchanged:

-Interest rates will continue to decline. 10 yr yields will end the year below 3.5%

-The Fed will cut rates 3-4 x.

-US equity markets will continue to rise at +20% rate, in just the second year of a...

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