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VRA Letter: Bullish Set-up Remains in Place. Semis Are “Still” On Fire. Buy Miners on Weakness.

Good Tuesday morning. Hope your Memorial Day weekend was a good one, as we honored our heroes who made the ultimate sacrifice for our country. Equity futures are slightly higher this AM as we kick off a 4-day trading week. It’s ...

Posted On May 28, 20245 MIN Read
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Good Tuesday morning. Hope your Memorial Day weekend was a good one, as we honored our heroes who made the ultimate sacrifice for our country.

Equity futures are slightly higher this AM as we kick off a 4-day trading week. It’s been a solid month, with the S&P 500 up 5% and Nasdaq up more than 8%. As we explained at the beginning of the month, “sell in May and go away” has not been a thing for the majority of the last decade, and historically, absolutely not a thing in presidential election years. 

Reminder; in presidential election years, mid-may through August is a seasonally bullish time for stocks. We should continue to be in the "sweet spot” for the next 3 months, at minimum.

This week investors will be watching for consumer confidence data (today) and the April personal income and expenditures report, which includes the PCE inflation reading, out Friday.

VRA Bottom Line: we continue to expect the markets will welcome inflation's progress toward the Fed's 2% target...

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