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VRA Letter: Our “Wall of Worry” Bull Market. Q3 Earnings Will Lead Higher. VRA 10-Baggers; Tesla, Falcon Oil and Gas, Xtract One Tech.

VRA Letter: Our "Wall of Worry" Bull Market. Q3 Earnings Will Lead Higher. VRA 10-Baggers; Tesla, Falcon Oil and Gas, Xtract One Tech. October 16, 2023 Good Monday morning. While we didn’t care for Fridays action, which saw the ...

Posted On October 16, 20237 MIN Read
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VRA Letter: Our "Wall of Worry" Bull Market. Q3 Earnings Will Lead Higher. VRA 10-Baggers; Tesla, Falcon Oil and Gas, Xtract One Tech.

October 16, 2023

Good Monday morning. While we didn’t care for Fridays action, which saw the semis and nasdaq lead the market lower (with losses of 2.5% and 1.3%), even in light of the onset of war between Israel and Hamas our markets managed to close (slightly) higher on the week. If you look up “wall of worry” in the investment dictionary, you’ll see a picture of the market we’re in today. Bull markets love climbing a wall of worry.

Dow futures +180 this AM.

Of note from Fridays trading, major money center banks JP Morgan and Wells Fargo reported excellent earnings, sending their shares higher by 1.5% and 3%, while Citi closed flat on their earnings beat. Our call remains that Q3 earnings will outperform analyst estimates by a wide margin and that bank stocks will actually lead the way higher, in advance of tech stocks that will take t...

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