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VRA Letter: What October Surprise? Charts That (really) Matter; GDX, TLT, USD, SMH, TSLA. We, Robot…Tonight!

Good Thursday morning. Hey Kip, where’s that "October surprise"? And hey Kip, what do you mean "October is the worst month of the year” during election years? Yesterday’s blast higher took both the S&P 500 and Dow Jones ...

Posted On October 10, 20245 MIN Read
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Good Thursday morning. Hey Kip, where’s that "October surprise"? And hey Kip, what do you mean "October is the worst month of the year” during election years?

Yesterday’s blast higher took both the S&P 500 and Dow Jones back to fresh ATH’s. We’re not surprised…this is “that” bull market, after all…even as we paused our buying just over a week ago in our broad market positions. We adhere to the discipline of the VRA System and with bearish seasonality and an overbought market, it was simply a requirement.

We remain aggressively long the market. With 10/12 VRA System screens bullish, and with the markets working off their extreme overbought readings, we saw this as a textbook bull market pause. Slowly but surely we (sort of) worked off those overbought conditions and as you’ve been reading in recent Letters, our reading of the tea leaves points to a rally into the election. 

Breaking: September CPI came in a bit hotter than estimates, with y/y headline inflation of 2.4% (vs ...

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