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.
The rest of this report is available for Gilmo Report Members only.The full report will be available 45 days after it is posted. For immediate access: login
Gil Morales & Company, LLC (“GMC”), 8033 Sunset Boulevard, Suite 830, Los Angeles, California, 90046. GMC is a Registered Investment Adviser. This information is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to GMC, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Gil Morales & Company, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2008-2017 Gil Morales & Company, LLC. All rights reserved.