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VRA Letter: 22 ATH’s in Nasdaq, 32 ATH’s in S&P 500; a Contrarians Delight. Housing Signaling Fed Rate Cuts (NAIL). Tesla, Xtract One, Rich Ross.

Good Wednesday morning. US markets will close today at 1PM EST and all day tomorrow for the July 4th holiday. We may or may not have a letter on Friday as we’ll be on the road, but with the all-important June employment report s ...

Posted On July 03, 20245 MIN Read
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Good Wednesday morning. US markets will close today at 1PM EST and all day tomorrow for the July 4th holiday. We may or may not have a letter on Friday as we’ll be on the road, but with the all-important June employment report set for 8:30 EST that morning, we may get something brief out.

Another strong day yesterday featuring a bullish smart money hour, with US indexes closing at their highs of the day (tell). Essentially textbook, with the semis leading (+1%) Nasdaq higher, and the broad markets following close behind. The internals also improved, as did our sector watch, with 9 of 11 S&P 500 sectors higher on the day.

Meanwhile, if you’re a contrarian, this is the kind of stuff that makes you salivate to own stocks. Nasdaq just had its 22nd record close of 2024, as the S&P 500 logged its 32nd ATH of the year, while at the same time the Fear & Greed Index sits at 50 (neutral sentiment reading).

Fed Chair J Powell spoke at a confab of global central banker...

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