After a bullish recovery on Wednesday following the release of the latest Fed meeting minutes, the major indexes are all back to the top of their current two-week price ranges. The lone exception, of course, remains the small-cap Russell 2000. The main question for the market to answer currently is whether the other larger-cap indexes will soon join the Russell in new-high price ground.
That question doesn’t have to be answered immediately, since the non-Russell 2000 indexes could just continue to move tight sideways. In this spirit, the NASDAQ Composite Index spent Friday, just ahead of the three-day Memorial Day weekend, churning around in a tight range at the highs of its current two-week price range. Volume was understandably light.
Note that the action over the past two weeks has been relatively tight since the general market began gyrating in wide swings after the late January peak. But this tight sideways action could continue for a period of time before it resolves one way or another. Otherwise, the NASDAQ remains in a tight two-week range.
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
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.