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VoSI Focus List Review for the Week Ended November 10, 2023

The NASDAQ Composite ended a nine-day winning streak on Thursday when it finally rolled over near the October 11th highs. A very poor 30-Year Treasury auction combined with hawkish comments from Fed Chair Jerome Powell at an IMF conference on Thursday sent the indexes spinning to the downside. The break also ended eight straight days of upside in the S&P 500 in what has likely been a massive short-covering rally. By Friday, it turned out to be a head fake as the NASDAQ and the S&P 500 cleared their October 11th highs. 
Market sentiment and positioning had reached very bearish levels two weeks ago as the general market continued to trend lower, and indeed, at that time, the NASDAQ Composite was finally breaking 200-day moving average support. The National Association of Active Investment Managers (NAAIM) Exposure Index showed the lowest long exposure among active managers in 2023, and as of this past Thursday the latest NAAIM Exposure Index results show a net long exposure of 61.76% as active managers have now scurried over to the bullish side of the boat.
The Market Direction Model (MDM) remains on a SELL signal. 
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