The Gilmo Report

May 3, 2017

May 3, 2017

Earnings roulette season is in now in full swing, with the biggest of the big-stock tech juggernauts, Apple (AAPL), releasing earnings yesterday. Today, in after-hours trade we have heard from our friends Facebook (FB) and Tesla (TSLA), and both are trading down as I write this afternoon.

Adding to the excitement was the Fed’s monthly policy announcement, at least leading up to the 2:00 p.m. Eastern hour. But the actual Fed missive turned out to be anti-climactic as the Fed did nothing. In addition, there was nothing inspiring or disconcerting in their language, which contained the usual both-sides-of-the-mouth blather about an economy that is strong but not that strong while showing softness that may not stay soft.

As might be expected, the market didn’t react much, but the net result was still a gap-down distribution day for the NASDAQ Composite Index. To its credit, perhaps, the index was able to close off the lows of its daily trading range.

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