The Gilmo Report

June 11, 2017

June 10, 2017

Friday will go down as one of the strangest market days I’ve seen in a long time, if not ever. Around mid-day the NASDAQ Composite Index broke hard to the downside as leading stocks got pummeled. At the same time, the NASDAQ advance/decline numbers were still roughly 2 to 1 positive.

Meanwhile, the Dow Jones Industrials and the S&P 500 Index were still up, and the NYSE advance/decline numbers were also about 2 to 1 positive. This was an odd divergence with the NASDAQ busting hard off the peak Friday (after making a new all-time intraday high) on huge selling volume.


GR061117- $COMPQ


While the NASDAQ blew apart, the S&P 500 Index churned around wildly before closing only -0.08% to the downside on higher trading volume. At one point, it looked like the NYSE-based indexes were about the blow apart as the S&P 500 and the Dow both turned sharply lower just before the final hour of trade on Friday.

But as things got almost ridiculously oversold among the NASDAQ-based tech names, including all the big-stock NASDAQ leaders, the stage was set for an intraday bounce. This carried into the close, and the S&P 500 closed roughly flat while the Dow managed to close up 89.44 points, or 0.42%.

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.