Good Wednesday morning. Long time VRA Members may remember that from the end of the bear market (10/13/22) we’ve written often about the “action” of this market and the fact that it’s largely been “textbook bull market action”.
We saw this repeating pattern again yesterday, as both the semis and Nasdaq opened sharply lower (losses of more than 1%), only to watch the final 2-3 hours of trading reverse all of the losses in our broad market indexes and finish higher across the board.

This is not the “repeating pattern” of a market that is tired and wants to go lower. This is the action of a bull market that’s building strength and wants to continue moving higher.

Our biggest short term concern has been rather poor market internals, but here too we saw strong action yesterday, as the internals finished with solid readings across the board.

VRA Bottom Line: the VRA Investing System remains at 10/12 screens bullish. We want to see the solid action in yesterdays internals continue. ...