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VRA Letter: Japan’s Crash & Fed Weakness; A Buying Opportunity. The US Economy Remains Rock Solid. Rich Ross. Snowline Gold.

Good Wednesday morning. After crashing 13% on Monday, Japan’s Nikkei has gained back 90% of those losses in the last 2 days. Overnight, the BOJ reversed course on hiking rates, saying that "doing so in unstable markets is a mist ...

Posted On August 07, 20247 MIN Read
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Good Wednesday morning. After crashing 13% on Monday, Japan’s Nikkei has gained back 90% of those losses in the last 2 days. Overnight, the BOJ reversed course on hiking rates, saying that "doing so in unstable markets is a mistake we will not make". And just like that, the Yen carry trade is back on, along with a collapse in Japanese 10 yr bond yields, from 1.1% to .75%. 

As Tyler covered in his podcast yesterday, our view remains that were it not for Japan’s melt-down, US markets would have taken only a slight hit on Monday (instead of the 1030 point losses in the Dow Jones).

We repeat; now is not the time to sell. Bottoms can be messy but we are buyers. We fully expect to end the year with US markets at ATH’s (especially with a Trump victory). US markets have flipped from extreme overbought levels of 3 weeks ago to heavily oversold levels of today. This remains especially true in the semis/tech, where we remain strong buyers. Long term thinking trumps short term panic-...

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