The Gilmo Report

August 27, 2017

August 27, 2017

The NASDAQ Composite and S&P 500 Indexes have both spent the past four days somersaulting around their 50-day moving averages without getting anywhere. This comes on the heels of this past Tuesday’s big gap-up move that was also a logical reaction rally after the undercut of the prior week’s lows, as discussed in my Wednesday, mid-week report.

The NASDAQ has been somersaulting around its 50-day moving average like a gymnast on the uneven bars. Within the context of strong but perhaps “phoneyed-up” (to use a favorite term of Bill O’Neil’s) futures-led gap-up rally that started the day on Friday, the negative close that ended the week was bearish on its face.

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. ©2008-2017 Gil Morales & Company, LLC. All rights reserved.