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VRA Letter: Update from the Road; Bouncy Markets, Tesla Earnings, Snowline Gold Results and LSOG.

Good Wednesday morning. We’re still in Rhode Island and will be back in Texas late tonight. We’ll resume VRA Podcasts tomorrow.  Quick Hitters this AM.  1) The markets rallied on Monday/Tuesday with the semis attempting to p ...

Posted On July 24, 20243 MIN Read
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Good Wednesday morning. We’re still in Rhode Island and will be back in Texas late tonight. We’ll resume VRA Podcasts tomorrow. 

Quick Hitters this AM. 

1) The markets rallied on Monday/Tuesday with the semis attempting to put in near term lows. We will soon act to add another trading position in SOXL. These market shakeouts can take on a short term life of their own so until we have more evidence that the lows are in, we will be patient. This morning both SMH and nasdaq are lower by 1%. We’ve had a strong couple of years for the VRA Portfolio…using discipline here is the correct approach. Certainly with the political insanity of today. When the semis bottom, the markets will bottom. 

2) Tesla reported earnings after the close and the shares are lower by 8% to $225. We are buying this dip. Remember, the shares rallied from $139 in late April to $271 earlier this month, hitting extreme overbought on steroids, our most overbought designation (where we paused our buying). While...

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