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VRA Letter: Election Anxiety in the Air. Buying Semis & Tech. DHS Announces Cyber Security Exercise, on Election Day.

Good Wednesday morning. Following six straight weeks of gains in US markets, featuring ATH after ATH, this week started with more of a whimper than a bang. However, we have seen an interesting pattern featuring opening losses foll ...

Posted On October 23, 20245 MIN Read
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Good Wednesday morning. Following six straight weeks of gains in US markets, featuring ATH after ATH, this week started with more of a whimper than a bang. However, we have seen an interesting pattern featuring opening losses followed by rallies higher, led by tech stocks. Our markets will get a chance to repeat that again today, with Dow futures -240 and Nasdaq -90.

We’ve yet to have an October surprise and with 13 days left before the election, anxiety is in the air.

Besides the surge higher in gold, silver and miners, it’s the setup in the semis that has our attention. As covered yesterday, recent trading in the semis and broad markets saw a pattern change, following the breakdown in the relative strength chart of the semis to S&P 500 in July that led to the 28% 3-week bear market in the semis (SMH).

Following that breakdown, the semis began leading the markets again at the beginning of September. We believe the semis represent a buying opportunity here and we have bega...

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