The Gilmo Report

June 24, 2018

June 23, 2018

The Dow Jones Industrials Index avoided a nine-day losing streak on Friday, rallying on the strength of oils and defensive names. On Thursday it set a 40-year record by finishing in the red for the eighth day in a row. Friday’s rally looked impressive for most of the day, but the Dow gave up not quite half its gains right into the close as it stalled at the 50-dma and closed in the lower part of its trading range.




Volume was very heavy on Friday because of the Russell Index rebalancing, contrasting with the big red volume spike last week on triple-witching options expiration. The S&P 500 Index gave up more than half of its gains on Friday into the close, stalling underneath the 10-dma on very heavy volume. Friday’s rally in the S&P and Dow looked more like a movement into oils, thanks to a bump in oil prices, and more defensive value type names.

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.