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VRA Letter: All-Time Highs in Semis & Tech. NVDA Reports at the Close. VRA Analysis on “Extreme Overbought” Readings. Famed Economist Ed Yardeni: “Roaring 2020’s”

Good Tuesday morning. Another solid day yesterday, featuring good internals and a slew of new 52 week highs and yes...all-time highs beginning to kick in. Leading the markets higher, as has been the case since the birth of QE ...

Posted On November 21, 20233 MIN Read
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Good Tuesday morning. Another solid day yesterday, featuring good internals and a slew of new 52 week highs and yes...all-time highs beginning to kick in.

Leading the markets higher, as has been the case since the birth of QE in 2008/2009, were the semis and tech. Yesterday we saw all-time highs in SMH (Semi ETF) and XLK (tech ETF). Housing stocks (HGX) are less than 1% from ATH. Also hitting ATH’s were megacap tech leaders Microsoft and Nvidia.

Nvidia reports earnings after the close today. Without question, NVDA earnings report is the most important of this earnings period. Tyler covered this developing story in depth on his VRA Investing Podcast.

Remember, NVDA kicked off the AI boom earlier this year (Q2) with their monster earnings report and AI forecasts, which also saved the markets from the depths of the regional banking crisis. If NVDA misses, this market is headed lower, at least in the short term. And no, I do not expect NVDA to disappoint. 

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