The Gilmo Report

August 12, 2018

August 11, 2018

A run on the Turkish Lira and ominous comments from the Russian Prime Minister about economic war and beyond after the U.S. imposed additional sanctions on both Turkey and Russia, respectively, sent the indexes gapping down on Friday. The NASDAQ Composite Index gapped down off its highs on heavy volume after posting eight-straight up days in a row.

I’ve never understood why people like to talk about the so-called dog days of summer, allegedly when things are slow and quiet because everyone is at the beach or on vacation in some faraway exotic land. These days, I can be in either such place, but trading the markets remains at my fingertips, thanks to the utility of a fast laptop and mobile wi-fi.

The market action in the summer of 2018 may help make the case that this is true for most market participants, because the summer action has been anything but quiet. So far, this summer, the NASDAQ Composite has exhibited a bit of a rollercoaster feel with two sharp sell-offs in June and July. This all led into this past week’s action where we saw the index gap to higher highs on Tuesday, but then spend the next two days churning around for a few days.

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 or subscribe

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. ©2008-2018 Gil Morales & Company, LLC. All rights reserved.