VRA Letter: VRA Quick Hitters
 
November 10, 2023

Good Friday morning.

1) Yesterdays trading…a reversal lower from another solid open…saw stocks drop, ending the longest winning streaks for the S&P 500 and Nasdaq in two years. The S&P 500 snapped an eight-day run of sharp gains, while tech-heavy Nasdaq ended a nine-day string of significant gains. But did you see what the semis did? After being up as much as 1.8%, they closed just slightly lower. Again, the relative strength in the semis continues to make its presence known.

2) After parabolic moves higher like the ones we’ve just seen (NAIL +40%, SOXL +31%), short-term shake-outs are common. In advance of major moves higher…like the one that we expect into year…these shake-outs give the BIG money another chance to get in. That’s exactly what we think is going on here. I’ll be surprised if weakness is anything other than short term. In our Parabolic Options Program we’ll be taking action early next week on new po...