The Gilmo Report

June 21, 2017

June 21, 2017

The market has taken on this random flavor where it seems to be moving in one direction and then suddenly shifts in not quite the blink of an eye. The most glaring example of this was the action two Fridays ago, on June 9th when the tech sector was beaming higher early in the day before reversing course in a brutal sell-off.

Since then, the indexes have been attempting to stabilize and recover. This looked to be the case yesterday just before the indexes sold off right into the close. That action looked bearish, and overnight the NASDAQ 100 futures were confirming this by tilting sharply to the downside.

But in the market, we often find that what appears to be can easily turn out quite differently. By the time the opening bell rang, the NASDAQ 100 futures had rallied back to the upside, and the potential gap-down open was nowhere to be found.

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