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VRA Letter: Led By Semis & Housing, Significant Technical Breakouts Abound. Dan Ives: “A New Tech Bull Market is Underway. A Tidal Wave of AI Spending.” Keep Buying Dips.

VRA Letter: Led By Semis & Housing, Significant Technical Breakouts Abound. Dan Ives: "A New Tech Bull Market is Underway. A Tidal Wave of AI Spending." Keep Buying Dips.   November 13, 2023 Good Monday morning. Following wha ...

Posted On November 13, 20235 MIN Read
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VRA Letter: Led By Semis & Housing, Significant Technical Breakouts Abound. Dan Ives: "A New Tech Bull Market is Underway. A Tidal Wave of AI Spending." Keep Buying Dips.
 
November 13, 2023

Good Monday morning. Following what has been a near-parabolic move higher from the 10/27 lows, strength in the semiconductors has now led to key breakouts for the Nasdaq, S&P 500 and Housing stocks, negating what had bears believed was a picture-perfect short for these indices at resistance. Short-covering drove Fridays big blast higher, which has once again taken our major indexes and VRA leading indicators back to extreme overbought on our shortest term momentum oscillator (stochastics).

Combined with the highly bullish technical signals that we’ve seen over the last 11 trading days it remains our view that important lows are in place and that pullbacks from here should continue to be bought (if we have pullbacks, that is). Frankly, this has the feel of a market that could jus...

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