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VRA Letter: A Market Top is “Forever” Away. The Reason? Soaring Earnings. $100 Oil is a Headache. Nvidia Breakout: Just Getting Started.

Good Tuesday morning. The remarkable streak of 18 straight up-days for the semis came to a close yesterday, peaking with gains of 45%. Also interesting from yesterday’s trading was the fact that, once again, the markets rallied ...

Posted On April 28, 20265 MIN Read
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Good Tuesday morning. The remarkable streak of 18 straight up-days for the semis came to a close yesterday, peaking with gains of 45%. Also interesting from yesterday’s trading was the fact that, once again, the markets rallied sharply in the smart money hour, marking 18/19 days that the final hour of trading has been strong. This is known as; “things you don’t see anywhere near a market top.” Of note, yesterday also marked the 3rd straight day with weak-ish internals…we think we’re seeing an internal "resting process” that’s helping to work off the extreme overbought status for the markets.

Our view also remains that tomorrow’s earnings reports from Microsoft, Amazon, Meta and Alphabet (followed by Apple on Thursday) will be exceptionally strong, with the markets rallying into (and out of) their earnings reports. 

VRA Bottom Line: the VRA System remains at 10/12 screens bullish, even as we’re trading at extreme overbought levels. Our biggest concern? Oil prices are back above $1...

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