The Gilmo Report

November 5, 2017

November 5, 2017

A strong earnings report from Apple (AAPL) provided the fuel for another new all-time high for the NASDAQ Composite Index, its 63rd of the year and the most since 1980. But the broader action still had some of the sloppiness that I alluded to in my last report, as declining stocks on the NASDAQ outnumbered advancing stocks, 1361 to 1325.

A similar reversal of breadth was seen on the NYSE, where decliners led advancers 1496 to 1402. With the NASDAQ 100 Index leading all comers with a 0.95% upside move on Friday, well above the S&P 500’s 0.31% and the Dow’s 0.10% moves, it was clear that big-stock NASDAQ names were in charge as the index charged to a new high on lighter, but still strong, above-average volume.

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