The Gilmo Report

January 7, 2018

January 7, 2018

The market made it four-for-four in 2018, rallying strongly every day this week. On Thursday, the Dow Jones Industrials cleared the mythical 25,000 level, bringing out “Dow 25,000” hats on the floor of the NYSE. These days, however, the exchange is a ghost town compared to what I remember it as back in the day when I used to roam on the floor with our floor brokers at William O’Neil + Co., Inc. The media did a great job, however, of making a handful of NYSE floor denizens look like a crowd in its well-placed camera shots.

The move on Thursday reminded me of an old IBD workshop way back in 1995 when Bill O’Neil used to charge $695 for a full day of instruction, and if you were lucky he might sit at your table for lunch. At that specific workshop, in response to a question, he said that yes, some day the Dow would no doubt go to 25,000. That brought out several guffaws and harrumphs from the crowd, but it sounded reasonable to me.

On Thursday, I finally saw it happen, over 22 years later. A momentous event for the media, no doubt, but for me it helped to conjure up old memories of “the master.” Once again, Bill was right! That memory certainly brought a smile to my face Thursday morning right after the opening bell rang and I saw the numbers tick through 25,000.

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.