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VRA Letter: Beginning to Hit Overbought Levels. SOXL Hitting Extreme OB. Tesla Kitchen Sink Quarter As Shares Fall 9%.

Good Thursday morning from Jacksonville, Florida. Note: There may not be a VRA Letter in the AM as we’re in meetings and then catching flights. No podcast until Monday.  With the S&P 500 and Nasdaq 100 putting in another da ...

Posted On January 25, 20243 MIN Read
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Good Thursday morning from Jacksonville, Florida. Note: There may not be a VRA Letter in the AM as we’re in meetings and then catching flights. No podcast until Monday. 

With the S&P 500 and Nasdaq 100 putting in another day of ATH’s (4 in a row) some of our broad markets are beginning to hit heavily to extreme overbought on our shortest term momentum oscillators, the key point being “our shortest term” indicators only. Money flows (MFI) are only now starting to really turn up. In addition, the percentage of S&P 500 above the 50 dma sits at 72.6 while percentage above the 200 dma reading is just 69.80. Until these readings top 90-93% we are not concerned about significant downside in the short term. 

Two short term notes of caution. The Fear & Greed Index sits at 76 (extreme greed) and our market internals have been on the weak side over the last couple of days.  

Heads up on Semis

The semis (we own SOXL, the 3 x lev ETF) have gone parabolic but are also beginni...

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