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VRA Letter: New Highs Beget New Highs. The Fed is Watching Regional Banks. The Most Important Chart of This Bull Market. New LSOG Deck. Xtract One; New Buy Rec.

Good Tuesday morning. As Tyler covered in detail on his podcast yesterday, the S&P 500 and Nasdaq closed at record highs (again), as new highs continue to beget new highs. This performance, led higher again by key market tell, ...

Posted On June 11, 20249 MIN Read
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Good Tuesday morning. As Tyler covered in detail on his podcast yesterday, the S&P 500 and Nasdaq closed at record highs (again), as new highs continue to beget new highs. This performance, led higher again by key market tell, the semis (+1.4%), comes ahead of significant events which include the release of the Consumer Price Index (CPI, Wednesday AM) and tomorrows FOMC statement and Powell presser.

 

Expectations are for a single rate cut by the Fed (November, according to betting odds), however we continue to look for 2-3 rate cuts in 2024, our forecast from the beginning of the year.

Of note, a number of technical analysts are pointing to the continuation of this bullish trend, supported by a well-defined "megaphone pattern" in the S&P 500. As I write, Dow and S&P 500 futures are lower by .30%, however it's common that the markets tend to rally into the smart money hour on the eve of FOMC statements. 

If there’s one group that the Fed watches most closel...

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