Good Friday morning. VRA Quick hitters.

1) "Don’t Fight the tape, don’t fight the Fed". Until yesterday…when it became clear to us that the Fed will soon start cutting rates (following June cuts from the BOE and ECB)…I had not written those words in at least two years. A truer Wall Street axiom is hard to find. The late great Marty Zweig first penned this phrase in his 1970 classic “Winning on Wall Street.”

Know this; if you’re not long…you’re wrong. This market is headed much higher, certainly with a rate-cutting Fed and equity markets hitting ATH after ATH (in the US and globally).

2) Additional signs of pending rate cuts:

- Utility stocks are going parabolic. As the largest borrowers in the country, utility stocks are discounting lower rates (directly ahead). Occam’s razor applies here.

- Gold’s "bull market of bull markets” is picking up speed. The action in precious metals and miners is also telegraphing lower rates.

I wrote the following yesterda...