Good Thursday morning. We’re working on updates on Falcon Oil and Gas, Tesla and more. Look for a VRA Letter and Members Podcast later today. 

Quick Hitters:

- The lows are in on semis and tech. The August 5th lows will hold. In the short term, analytics remain a concern but the power of this structural bull market will overcome the weakness of seasonality. Bearish seasonality is a crowded trade. We are long and buyers of SOXL and TQQQ.

- We see tomorrow’s jobs report as a win-win. If the estimate of 161,000 jobs created in the month of August is exceeded, the markets won’t believe it (following the 800K annual revision lower from last month). And, if the report is a miss to the downside, the odds will skyrocket that the fed will cut by .50% on 9/18. We see both outcomes as equity and debt friendly especially with the beginning of the Fed’s rate cutting cycle just two weeks away.

- As rates and the dollar continue to fall, and as the Fed prepares to cut, we want to own gold...