Good Thursday morning. I’m on the road this morning and will be back midday with our full daily Letter. I did want to share a couple of items.

Tech insiders are now buying shares in their own company at the fastest pace in more than 15 years. That’s a tell. It’s time for Mag 7 stocks to begin leading higher again, which is exactly what we expect is going to happen. Then, we’ll be back to “melt-up-ville."

The one chart that matters most; the semis to S&P 500. From the birth of QE the direction of the semis has been the primary stock market directional indicator.
The semis are telling us to stay long and strong.

Last night the AAII Investor Sentiment Survey came back with just 32.1% bulls and 49.8% bears while the Fear & Greed Index remains in “extreme fear” territory with a reading of “18”. Extreme fear readings while in the early innings of a generational bull market is a fantastic contrarian buy signal.

VRA Bottom Line: the markets ALWAYS sniff out the end...