The Gilmo Report

August 28, 2018

August 28, 2018

The indexes have charged higher as they at least act like the recent breakouts to new highs in the S&P 500 and NASDAQ Composite Indexes may be the beginning of new upside legs in what pundits are calling the longest bull market in history. While that may be true, it’s not as if there haven’t been enough serious downside breaks in the rally to offer some choice short-selling opportunities along the way, such as the sharp breaks in February of this year, January and February of 2016, and August 2015, to name three.

The breakout on Friday gave the NASDAQ wings, as that power drink commercial goes, with a gap higher yesterday and again this morning. Those wings were clipped just a wee bit today as the index closed below where it opened, and volume declined sharply. This gives the index the look of stalling and churning today as it lost some buying momentum.




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.