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VRA Letter: Markets Trading as Expected at Extreme Overbought. VRA “Opportunistic Trading”. Big Bribe & The Innovation Revolution. Own the Miners.

Good Thursday morning. Last Monday we began alerting you to the near-term extreme overbought nature of our major indexes. Since that time, the Dow Jones has lost 1900 points, falling from over 40,000 to this mornings 38,100. As we ...

Posted On May 30, 20248 MIN Read
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Good Thursday morning. Last Monday we began alerting you to the near-term extreme overbought nature of our major indexes. Since that time, the Dow Jones has lost 1900 points, falling from over 40,000 to this mornings 38,100. As we pointed out at the time, the Dow was the only major index to hit our most overbought designation; “extreme overbought on steroids” or EOBOS. 

Frankly, the markets have traded exactly as expected, from those extreme overbought levels, with the semis/tech continuing to lead the way. We continue to witness textbook early bull market action and we expect that this softness will prove to be just that….short-term only. 

Over the last two months we’ve also been opportunistic in our trading, taking 100% profits in DJT (Trump Media) and 86% profits in PLTR (Palantir). As we start trading today we have a GTC stop loss order in to sell our 5-week old position in SOXL (3 x Semi ETF) @ $50.00 (last trade $51.00). 

If we can work off these overbought conditions wi...

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