Good Tuesday morning. 30 minutes into the open US markets are solidly higher. Yesterdays solid trading also brought with it much improved internals. In addition, the semis are making another attempt to lead the markets higher. Following the Nvidia earnings drama and price spike for chip stocks, a “buy the rumor, sell the news” event kicked in. This is common. But know this; if the semis have bottomed here, so too has the market.

We remain in the seasonally weak period of August/September trading and my gut tells me we “may" first have a form of a "capitulation event" before the final lows are in place. While not exciting to say, sometimes the money is made in the waiting. Patience and time may be required before we begin our assault on new all-time highs into year end, but what we don’t want to do is try and get too cute and trade ourselves out of our excellent VRA positions.

Important: This is why we’ve held our leveraged ETF’s into August/September while continuing to use month...