The Gilmo Report

April 28, 2018

April 28, 2018

The market looked primed for a big upside romp Friday morning after big-stock NASDAQ names Amazon.com (AMZN), Intel (INTC), and Microsoft (MSFT) all reported strong earnings and gapped up sharply in after-hours trading on Thursday. As the pundits on cable financial TV lauded the exploits of these three big-stock index names, the NASDAQ Composite Index moved up toward its 50-dma, looking as if a breakout through this key moving average was all but inevitable.

But that all dissipated rapidly shortly after the opening bell, and was accompanied by bearish reversals in all three big-stock gappers, AMZN, INTC, and MSFT. This sent the NASDAQ Composite careening off the underbelly of its 50-dma and streaking back to the downside. Volume was light, more indicative of a lack of buying interest rather than huge selling interest.

 

GR042918-$COMPQ

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